In this week's Market Movers, presented by Alexandra Szczupak:
- More US refinery crude unit capacity offline (00:03)
- Americas clean tanker freight rates on the rise (00:29)
- US Aluminum Association holds annual meeting this week (00:45)
- Texas wholesale power prices could drop amid lighter loads (01:01)
This week,
Expectations for the amount of US refinery crude unit capacity offline in October have risen to 3.3 million b/d, as planned work increases.
Not included is the outage of BP Husky's Toledo, Ohio, refinery, which was shut down after a fire Sept. 21.
Irving Oil's Saint John, New Brunswick, refinery – the largest in Canada – is offline for a planned eight-week turnaround.
The Americas clean tanker market is entering the week with elevated freight rates.
Freight rates have jumped as much as 72.2% for short-haul product runs from the US Gulf Coast to East Coast Mexico, and 41% for long-haul voyages to Chile.
The US Aluminum Association will hold its annual industry meeting in Washington this week.
Aluminum industry executives will discuss priorities for the sector, including sustainability efforts, domestic investments and expanding recycling policy.
The Federal Reserve Bank of Dallas will release outlook survey results for Texas businesses this week, which have trended downward since November.
Lighter loads could diminish wholesale power prices in the Electric Reliability Council of Texas, the Midcontinent Independent System Operator and the Southwest Power Pool markets.
However, 2022's strong power prices may be weakening manufacturing and service sector outlooks.
I'm Alexandra Szczupak. Thanks for kicking off your Monday with S&P Global Commodity Insights.