TSX Flat As Focus Turns To Houston -- Canadian Commentary

(RTTNews) - Canadian stocks were flat Monday as the heavyweight energy sector weighed the impact of Hurricane Harvey on Houston-area oil operations.

Flooding has interrupted 16% of U.S. refining capacity, or about 785,000 gallons of gas lost each day, according to Goldman Sachs.

"The breadth and intensity of this rainfall are beyond anything experienced before. Catastrophic flooding is now underway and expected to continue for days," the National Weather Service said on Twitter.

Harvey hit Texas as a Category 4 hurricane with winds of 130 miles per hour (210 kph), the strongest storm to hit the state since 1961.

"This disaster is going to be a landmark event. We're setting up and gearing up for the next couple years," FEMA's Brock Long said today.

Rainfall may exceed a record-breaking 50 inches in areas around Houston.

The TSX Composite Index was down 3 points at 15,052.03.

Energy stocks were down 0.9 percent. WTI light sweet crude oil was down 43 cents at $47.44 a barrel as refinery demand is expected to drop considerably. September gasoline futures surged up 6% near $1.736 a gallon.

Gold stocks, however, jumped 3.7 percent.

Dec. gold jumped $17.40, or 1.3%, to settle at $1,315.30/oz, the highest since September 30.

Toromont Industries Ltd. (TIH.TO) acquired the businesses and net operating assets of the Hewitt Group of companies for a total consideration of C$1.0177 billion.

Hudson's Bay (HBC.TO) shares will remain in focus after surging up 10% Friday on talk of the company going private.

In mining news, Glencore said it was looking to sell a second Australian coal mine.

Polaris Materials Corp. (PLS.TO) has been acquired by Vulcan Materials Company (VMC) for C$252 million.

Trinidad Drilling Ltd. (TDG.TO) has acquired RigMinder Operating LLC.