By Commodity News Service Canada
WINNIPEG, November 23 The Canadian dollar weakened against its US counterpart on Monday as sharp losses in crude oil futures dragged down the loonie.
At 8:40 a.m. CST the Canadian dollar was at US$0.7481 or C$1.3367 which compares with Friday’s North American close of US$0.7493, or C$1.3345.
At 8:40 a.m. New York mercantile crude oil futures had lost US$1.15 to sit at US$39.39 a barrel.
In Canadian domestic data, natural gas utilities received 11.7 billion cubic metres of total marketable gas in September, up 7.3 per cent from the same month in 2014 and the sixth successive year-over-year increase.
Gas utilities sold 5.4 billion cubic metres of natural gas in September, up 8.5 per cent, Statistics Canada said in a report on Monday.
According to StatsCan, revenues were down 30.3 per cent from 12 months earlier to C$789.9 million. Sustained low prices have continued to depress natural gas revenues.
The TSX was weaker in early activity, down 13.84 points at 8:40 a.m. CST to sit at 13,496.90.
