Everything You Need to Know on Thursday: Enbridge Plans New Oil and Natural Gas Pipelines in the Gulf of Mexico

Good morning mooers! Here are things you need to know about today's market:

●S&P/TSX 60 Index Standard Futures are trading at 1,438.19, down 0.31% from previous close

● Toronto home sales surge in September as buyers respond to lower prices and interest rates

● Crude oil prices surge amid escalating Middle East tensions

● Enbridge to build new oil and natural gas pipelines in Gulf of Mexico

● Seven & i holdings weighs stake sale in Seven Bank amid Couche-tard takeover bid

Today, the Canadian dollar is trading at 73.9 US cents, a decrease from the previous close.

The Toronto Regional Real Estate Board reports that home sales in September increased as buyers began to capitalize on interest rate reductions and lower home prices.

In the Greater Toronto Area, 4,996 homes were sold last month, reflecting an 8.5 percent increase from 4,606 sales during the same month last year. On a seasonally adjusted basis, sales also rose compared to August. The average selling price decreased by one percent from a year ago, now standing at $1,107,291. The composite benchmark price, which is intended to represent a typical home, fell by 4.6 percent year-over-year.

John DiMichele, the board's CEO, noted that recently implemented mortgage regulations, such as extended amortization periods, will provide home buyers with greater options and flexibility as the housing market begins to recover.

Last month, new listings reached a total of 18,089, an increase of 10.5 percent compared to the previous year.

Crude oil prices rose early Thursday, driven by concerns over escalating conflicts in the Middle East, despite a stronger global supply outlook.

Brent crude climbed 1.1% to $74.71 per barrel, while West Texas Intermediate crude increased 1.3% to $70.98 per barrel. The surge followed Israeli airstrikes in central Beirut, which killed at least six, amid ongoing clashes with Iran-backed Hezbollah.

"The key question for oil now is whether Iran's energy infrastructure will be targeted by Israel," noted Yeap Jun Song, a market strategist at IG.

Additionally, the U.S. Energy Information Administration reported a 3.9 million barrel increase in crude inventories, suggesting a well-supplied market capable of absorbing disruptions, according to ANZ analysts.

The crude oil pipeline, known as the Canyon Oil Pipeline System, will have a capacity of 200,000 barrels per day and will originate in the Keathley Canyon area of the gulf. It is designed to transport crude oil to the existing Green Canyon 19 platform, which is operated by Shell Pipeline Co. LP, for eventual delivery to the Louisiana market.

Additionally, the natural gas pipeline, referred to as the Canyon Gathering System, will have a capacity of 125 million cubic feet per day and will connect to Enbridge’s existing Magnolia Gas Gathering Pipeline.

Enbridge indicated that detailed design and procurement activities are slated to commence early next year, with the pipelines expected to be operational by 2029.

If the sale proceeds, Seven Bank would no longer be classified as a subsidiary. The company holds approximately 46% of Seven Bank, valued at about ¥153 billion ($1 billion), and although the financial segment contributes 7.1% of operating profit, it generates more cash than the superstore division.

Seven & i plans to report quarterly results on October 10, the first since the Couche-Tard proposal, which the company claims undervalues its worth. The retailer has also considered listing Ito-Yokado, its original retail operation, but this process may take years.

Founded in 2001, Seven Bank has become vital to the group, with around 27,000 ATMs in Japan and significant international partnerships. Investors have urged Seven & i to focus more on its convenience store operations, with some asserting that 7-Eleven could be worth much more as a standalone entity.