Business
North American stock markets tumble in late-morning trading – Business News – Castanet.net
North American stock markets pared earlier losses but still trended negative in early afternoon trading amid ongoing concerns about rising COVID-19 infection rates.
The S&P/TSX composite index was down 148.38 points at 15,522.32.
In New York, the Dow Jones industrial average was down 291.88 points at 26,367.23. The S&P 500 index was down 50.15 points at 3,259.96, while the Nasdaq composite was down 273.49 points at 10,912.10.
The Canadian dollar traded for 75.08 cents US compared with 74.91 cents US on Thursday.
The December crude contract was down 71 cents at US$35.46 per barrel and the December natural gas contract was down less than a penny at US$3.30 per mmBTU.
The December gold contract was up US$12.00 at US$1,880.00 an ounce and the December copper contract was down half a cent at US$3.05 a pound.
Business
Gas prices expected to rise 14 cents on Thursday – CityNews Kitchener
Drivers are bracing for a double-digit spike at the gas pumps on Thursday, as the price is expected to rise 14 cents at midnight.
Roger McKnight, chief petroleum analyst withEn-Pro International Inc., tells CityNews the price at gas pumps is set to rise to 178.9 cents/litre at local stations. The price as of Wednesday is 164.9 cents/litre.
The last time gas prices were this high was back in August 2022.
McKnight says the spike is due to price increases for wholesale gas and only applies to gasoline. He adds the price for diesel will increase by 0.4 cents.
Earlier this month, the price rose to its highest levels in six months following the implementation of the federal carbon price, also referred to as the carbon tax.
That saw the carbon tax on gasoline go up by 3.3 cents per litre, while diesel increased by 4.1 cents per litre.
With files from John Marchesan of CityNews
Business
Rupture on TC Energy's NGTL gas pipeline sparks wildfire in Alberta – The Globe and Mail
A section of TC Energy’s TRP-T NGTL gas pipeline system in Alberta ruptured and caught fire on Tuesday, sparking a wildfire in a remote area, the company said.
“An initial ignition of natural gas at the rupture site is now extinguished. We are working to support Alberta Wildfire in their response to contain a secondary fire,” the company said in a statement on its website.
TC said there were no injuries and it was working closely with first responders in the region.
How fire broke out at the TC gas pipeline near Edson, Alberta
The fire broke out about 40 km (25 miles) northwest of Edson, Alberta, in Yellowhead County. Canadian broadcaster Global News said there was a plume of flames and smoke visible from many kilometres away.
The Canada Energy Regulator (CER) said initial investigations indicated a rupture in a gas pipeline caused the fire, which was under control.
TC Energy said it has isolated and shut down the affected section of the NGTL system, and the remainder of the system is operating normally with no commercial impact.
The CER said it is sending inspectors to the area to monitor and oversee the company’s response and determine the impact of the incident.
NGTL is TC Energy’s natural gas gathering and transportation system that transports gas produced in Western Canadian Sedimentary Basin (WCSB) to markets in Canada and United States.
Business
Gas prices in GTA expected to rise 14 cents on Thursday – CityNews Toronto
Drivers in the GTA are bracing for a double-digit spike at the gas pumps on Thursday, as the price is expected to rise 14 cents at midnight.
Roger McKnight, chief petroleum analyst with En-Pro International Inc., tells CityNews the price at gas pumps is set to rise to 178.9 cents/litre at local stations. The price as of Wednesday is 164.9 cents/litre.
The last time gas prices were this high was back in August 2022.
McKnight says the spike is due to price increases for wholesale gas and only applies to gasoline. He adds the price for diesel will increase by 0.4 cents.
Earlier this month, the price rose to its highest levels in six months following the implementation of the federal carbon price, also referred to as the carbon tax.
That saw the carbon tax on gasoline go up by 3.3 cents per litre, while diesel increased by 4.1 cents per litre.
With files from John Marchesan of CityNews
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