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Watch: Market Movers Americas, May 6-10: Crude prices dip, but potential rail strike strengthens other markets

  • Featuring
  • Jim Levesque
  • Commodity
  • Agriculture Electric Power LNG Shipping
  • Length
  • 01:38

In this week's Market Movers Americas, presented by Jim Levesque:

  • Oil markets watch for inflation indicators following latest US Fed meeting
  • In Canada, an impending rail strike is keeping multiple sectors on edge
  • California regulators consider billions in EV-related grants
  • The SPGCI Hydrogen Markets Conference will start this week in San Diego, California
View Full Transcript

Crude prices this week are coming off record highs in March and April, with traders noting an oversupplied prompt market. Oil markets are weighing factors such as OPEC’s upcoming decision on renewing production cuts and ongoing tensions in the Middle East, and prices have stayed within a tight range. Market watchers are also looking toward jobless claims and consumer sentiment reports later this week, since that data could prompt the US Federal Reserve to cut interest rates at its next meeting.

In Canada, an impending rail strike is putting multiple sectors on edge. Agricultural, chemical and metal markets, in particular, are keeping a close eye on supply and logistics. About 94% of Canadian wheat moves by rail, and prices are already elevated for short-term delivery. Producer Nova Chemicals has advised customers of potential slowdowns, and the same logistical concerns have contributed to higher demand and prices for prime aluminum.

The California Energy Commission will meet Wednesday and consider a combined $18.4 billion in grants between three projects for charging solutions for medium- and heavy-duty electric vehicles. The commission will also consider $9.4 billion between two projects to advance hydrogen refueling station operations and maintenance.

Finally, the S&P Global Commodity Insights Hydrogen Markets Conference kicks off today in San Diego. California is acknowledged as the foremost low-carbon hydrogen hub in the US since it has implemented hydrogen fuel for transportation and advanced low-carbon hydrogen production techniques, and conference attendees are keen to learn more about hydrogen solutions in the state.

I’m Jim Levesque. Thanks for kicking off your Monday with S&P Global Commodity Insights.