In this week's Market Movers Americas, presented by Maria Jimenez Moya:
• Crude markets cautious on pause in US Fed tightening cycle
• California workshops focus on offshore wind development
• NOAA to release 2023 Atlantic Hurricane Season Outlook
• Bearish sentiment persists in US spot aluminum market
This week, oil markets remain cautious over whether the US Federal Reserve will issue an 11th rate hike or pause the tightening cycle. S&P's US services and manufacturing PMI is set to release Tuesday, and May's initial jobless claims report on Thursday, which will shed light on the country's economy as the Fed's upcoming decision weighs on crude prices.
In power, the California Energy Commission will host two offshore wind workshops. One will explore ports and workforce development to support floating offshore wind development, while the other will assess transmission upgrades and investments for offshore wind development off the coast.
On Thursday, the US National Oceanic and Atmospheric Administration will release its outlook for the upcoming hurricane season in the Atlantic. Hurricanes that make landfall typically cause significant declines in power demand and wholesale power prices. Developing El Niño conditions have prompted earlier forecasts to indicate fewer storms than in recent years.
And in metals, sentiment in the US aluminum market continues to be mostly bearish. Market players think dips in the Platts spot US aluminum transaction premium will do little to drum up interest in the market, and they see replacement costs setting a floor for the decline.
I'm Maria Jimenez Moya. Thanks for kicking off your Monday with S&P Global Commodity Insights.