In this week’s Market Movers Americas, presented by Bill Montgomery:
• Refiners prep for transition to winter-spec gasoline
• Shipowners avoid Panama Canal as delays mount
• SEIA hosts webinar on Nevada's new residential solar rules
• ITC to vote on continuing steel plate import duties
This week, the refining industry is preparing for the transition to winter gasoline. That transition will start by mid-August on the Gulf Coast, with more demand expected for butane and natural gasoline, which are widely used to blend winter gasoline. The high-octane blendstocks, however, are facing lower buying interest, despite ExxonMobil’s confirmed unplanned maintenance at its Baton Rouge refinery.
In shipping, clean tanker owners are preferring Atlantic Basin voyages to avoid Panama Canal wait times, which have extended to 18 days. As a result, rates to West Coast South American ports are expected to rise against Atlantic Basin freight. The Panama Canal Authority has reduced daily transits to 32 ships as it conserves water. In July, only seven Medium Range tankers were booked for runs from the US Gulf to Chile.
In renewable energy, the Solar Energy Industries Association will host a webinar Aug. 8 to discuss Nevada’s new residential solar rules. The rules, which go into effect Jan. 1, cover contracts and who can sell systems. Nevada ranks sixth for solar energy capacity in the US and has more than 900,000 homes powered by solar.
Also, the US International Trade Commission will vote this week on whether to continue antidumping and countervailing duty orders on imports of steel cut-to-length plate from India, Indonesia, and South Korea. The Commerce Department has recommended leaving the duties in place to prevent dumping and subsidies.
I’m Bill Montgomery. Thanks for kicking off your Monday with S&P Global Commodity Insights.