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Market Movers Americas, Nov. 7-11: US looks to climate policy at COP27 and in midterm elections

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Watch: Market Movers Americas, Nov. 7-11: US looks to climate policy at COP27 and in midterm elections

  • Featuring
  • Joshua Pedrick
  • Commodity
  • Agriculture Energy Transition Natural Gas Oil
  • Length
  • 01:54
  • Topic
  • 2022 US Midterm Elections COP27 US Policy

In this week's Market Movers Americas, presented by Josh Pedrick:

• US enters COP27 with new climate credibility

• Midterm election results could alter energy regulation

• US refiners see diesel tightness continuing

• Barge freights into the US Gulf Coast relax from highs

• US spot gas prices collapse

View Full Transcript

This week, COP27 kicks off in Egypt, and the US is coming in with a significant clean energy and decarbonization plan. But while the Inflation Reduction Act renews the US' climate credibility, nothing in the plan distributes money to poorer nations facing climate-related loss and damages, so the world will be watching what the US can do on this front.

US midterm elections on Tuesday will test whether Republicans can take control of the US House or Senate and tighten oversight of the Biden administration's energy regulators. Notable issues at stake are implementation of the Inflation Reduction Act, and several climate policies on the state level.

In oil, refined product tightness could ease as refinery turnarounds end after peak outages in October. However, low stocks and low European exports have sent ULSD cracks soaring, and many refiners think diesel tightness could linger even after they ran at full tilt in Q3 and maximized diesel output. Midwest refiner CVR even said it's considering increasing its distillate yield to 50%.

Recent rains have helped raise Mississippi River water levels, just in time for the US corn and soybean harvest nearing completion. Lower demand for barges and rising capacity limits are expected to depress barge freight rates further, which in turn will help make US grains more competitive in the export market.

Finally, US natural gas bearishness is likely to continue. An underwhelming start to the heating season, strong production and rising storage levels have pushed spot gas prices down. On top of that, warmer weather is expected through much of the US this weekend, contributing to the lengthening supply.

I'm Josh Pedrick. Thanks for kicking off your Monday with S&P Global Commodity Insights.