WTI Crude Surges 3.6% Overnight, Lifting TSX Energy Names Ahead of Open

West Texas Intermediate crude oil jumped 3.64% overnight to $89.99 per barrel — the single biggest overnight move across major asset classes — and it arrives as a tailwind for the TSX’s energy-heavy index, which was already pointing to a modest 0.33% gain heading into Thursday’s open. For Canadian investors, the move matters: energy names account for roughly 18% of the TSX Composite’s weighting, and any sustained push through the $90 WTI level tends to lift producers from Suncor to Canadian Natural Resources in short order.

Energy: The Story Dominating the Open

Brent crude, however, told a different story overnight, slipping 1.56% to $92.60 per barrel — a widening of the Brent-WTI spread that traders will be watching closely. The divergence suggests the WTI move may be partly driven by North American supply-side dynamics rather than a broad global demand surge. Watch the Energy Select names on the TSX for early confirmation of whether the overnight futures pop holds through the cash session. A close above $90 WTI would mark the highest settlement in several months and could prompt upward revisions to producer cash-flow estimates.

Gold Pulls Back, But the Bull Case Isn’t Broken

Gold slid 1.25% to $4,095.00 per ounce — translating to approximately C$5,769 per ounce at the current USD/CAD rate of 1.4087. That’s a meaningful one-session retreat from recent highs, and silver’s sharper 1.53% drop to $59.10 per ounce adds to the cautious read on precious metals this morning. Still, the pullback follows an extended run, and many TSX-listed royalty companies and mid-tier producers carry margins that remain extraordinarily healthy even at current levels. Investors should watch whether gold finds support around the $4,050 technical level; a bounce there would signal the dip is being bought.

U.S. Tech Drag Won’t Spare Canadian Growth Stocks

The NASDAQ is off 0.57% to 25,691 in pre-market, weighed by continued pressure on high-multiple technology names. The S&P 500 is off a more modest 0.14% at 7,499, suggesting the selloff is concentrated in growth and momentum names rather than a broad risk-off move. Canadian technology and AI-linked equities on the TSX — including Constellation Software and Shopify — often trade in sympathy with U.S. tech sentiment, so expect some early softness in that pocket of the market. The TSX’s relative outperformance this morning is almost entirely attributable to energy, not domestic tech strength.

Copper Steady; Key Data and Earnings on Deck

Copper edged up 0.14% to $6.46 per pound, holding near multi-year highs and continuing to reflect resilient demand expectations from electrification and infrastructure spending. The metal’s stability is a quiet positive for Canadian base metals producers. On the data calendar today, U.S. initial jobless claims and July flash PMI readings are due — both will be parsed for clues on Federal Reserve rate-path expectations, which remain a key driver of the USD/CAD rate and, by extension, the translated value of commodity revenues for Canadian producers. On the earnings front, several major U.S. industrials and one large Canadian bank subsidiary report before the bell; any guidance commentary on capital spending will be closely watched by TSX materials and infrastructure names.