May 9, 2016 noon eastern

The Toronto stock exchange index is down 1.0% today while the S&P 500 is about unchanged. Oil is currently down 2.4% at $43.61.

Canadian Western Bank is down 2.5%.

AutoCanada is down 4.1% to $20.70 and I think it represents good value.

New Home starts for Canada in April were down from the March figures but at 192,000 remain strong.

Statistics Canada reported crude oil and natural gas production figures for February. Bitumen production was up 10.5% from the prior year while light crude production was down 8.8% and heavy crude production was down 6.5%. Overall production was up 2.0%. The bitumen industry appears basically unable to respond to lower prices with production cots due to the high fixed cost nature of the production. Obviously production in May will be down significantly due to the fire situation. That may possibly have some minor side benefits in reducing inventories of bitumen. The report notes that 80% of Canada’s oil production occurs in Alberta.