보기: Market Movers Americas, June 6-10: Commodity prices react to widespread market uncertainty

In this week's Market Movers: Newly released biofuel blending mandates send credit markets into turmoil, Midwest and West Coast refinery issues lead to record-setting gasoline prices, and US steel spot market activity cools on falling scrap and lead times.

Biofuels markets are poised to see if prices will continue their rally this week in reaction to the release of new federal mandates. The US Environmental Protection Agency at the end of last week released the long-delayed biofuel blending mandates for 2020 through 2022. Included in the mandates was a substantial increase for 2021, which sent prices for biofuel blending credits soaring. Such an increase could force some refiners or fuel importers to scramble for the credits and lead to sky-high prices. Now the market will wait to see if prices will continue to rise, or if buyers have had enough time to fill their demand.

In oil, US refined products markets are in limbo, waiting on updates from multiple refineries to find direction for spot prices. Chicago gasoline prices, which have already set all-time record highs against gasoline futures, have climbed even higher on news of the Phillips 66 Wood River refinery outage, while California premium grades have seen widening regrades on tighter alkylate supply following an outage at PBF's Torrance refinery in California.

This brings us to our social media question of the week: Do you expect to see any long-term changes in US refined products markets from the volatility in futures contracts and record-high spot prices during the Russia-Ukraine war? Tweet us your thoughts.

Finally, US steel market participants expect further price erosion on finished products, as prices for ferrous scrap were lower at the end of last week. Ferrous scrap trading activity was slow to materialize at the start of the June buy week, which led steel buyers to wait on the sidelines to see where prices settle before they make purchases in the spot market. Also, average US mill lead times for most flat-rolled steel products have retracted, with the average lead time for hot-rolled coil falling to five weeks, the shortest level since the middle of March when hot-rolled coil lead times averaged 4.7 weeks.

The Platts Atlas of Energy Transition is your map to the sustainable commodity markets of the future. You can explore the Atlas by visiting the address displayed on your screen. Thanks for kicking off your Monday with us and have a great week ahead.