In this week's Market Movers Americas, presented by Brooke Hansen:
• Wildfires continue to threaten Alberta crude production
• Crude markets under pressure over ongoing banking crisis
• CAISO board considers day-ahead market enhancements
• NERC assessment to warn of summer power shortfall risks
• Clean tanker shipowners lose momentum on long-haul route fixings
This week, wildfires burning across Alberta are expected to continue to affect the region's crude oil output. Producers in the area shut in about 340,000 b/d of production last week. Some companies have been bringing production back online, but Alberta is still under a state of emergency and temperatures are still expected to rise.
In the US, crude prices have come under pressure amid rising concerns over the US debt ceiling and reignited worries about the banking crisis. Treasury Secretary Janet Yellen is set to meet with Wall Street bankers next week to discuss avoiding a debt default, but oil markets remain wary of a recession.
On Wednesday, the California Independent System Operator will consider enhancements to the day-ahead market following a four-year process for feedback. The enhancements impact the extended day-ahead market by diversifying supply and demand across the expanded footprint.
Also on Wednesday, the North American Electric Reliability Council will release its Summer Reliability Assessment, which will warn that several parts of North America are at an elevated risk of power shortfalls this summer during periods of extreme demand.
And in shipping, Americas clean tanker freight is holding steady at lows not seen since February. Shipowners are looking to focus on short-haul voyages to stay positioned near the US Gulf Coast region, and are preparing for a potential boost in freight as third-decade stems come into play for the week ahead.
I'm Brooke Hansen. Thanks for kicking off your Monday with S&P Global Commodity Insights.