Small refiners challenge EPA's denial of RFS exemptions in ongoing court battle
Since the meeting, there has been minimal deviation in the guidance provided by Fed officials. Powell reaffirmed in a recent speech that monetary policy would remain restrictive "for some time," while Fed Governor Michelle Bowman expressed her willingness to support another rate hike this year if progress on inflation stalls or falls short of the 2% target.
— U.S. shale producers maintain cautious drilling approach despite soaring oil prices, citing Biden's fossil fuel policy. U.S. shale producers are planning to exercise restraint in their drilling activities, even in the face of oil prices potentially exceeding $100 per barrel. This strategy is rooted in their commitment to financial discipline amid what they perceive as President Joe Biden's unwavering stance against fossil fuel production.
— Malaysian exchange to launch soyoil futures. Bursa Malaysia Derivatives Exchange , known for offering the most liquid palm oil futures in the world, is planning to launch soyoil futures in the first quarter of the next year, a senior exchange official said. The exchange has been working on finalizing the contract specifications before the contract’s launch in early 2024.
Of note: The goal is to secure a meeting with Chinese President Xi Jinping. The senators intend to engage with government officials, business leaders, and U.S. companies operating in each country during their trip. The delegation's departure is scheduled after the late Sen. Dianne Feinstein's funeral in San Francisco, and their trip aligns with a Senate recess next week.
Meanwhile, recent data from the U.S. Census Bureau highlights that China's share of U.S. goods imports has reached its lowest point since 2006 in the 12 months through July. While the U.S. remains China's largest export market, Beijing is actively diversifying its trade relationships, with a growing focus on nations that align more closely with its geopolitical objectives. These nations include Singapore, Kazakhstan, Saudi Arabia, Turkey, Uzbekistan, United Arab Emirates, and Kyrgyzstan.
— Reuters: U.S. warned China to expect updated export curbs in October: U.S. official. The Commerce Department, which oversees export controls, is working on an update of export restrictions first released last year.— Small refiners challenge EPA's denial of RFS exemptions in ongoing court battle. Two small refiners are once again challenging the Environmental Protection Agency's decision to deny small refinery exemptions under the Renewable Fuel Standard .
If McCarthy is no longer speaker, he would be the one to choose his temporary successor, not those who orchestrated his ouster. It would be the first person on a list drawn up by McCarthy, and that person would preside over the selection of a new speaker.Agriculture-FDA bill rejected over abortion pill provision, farm program cuts Energy and Water, Legislative Branch bills on the floor this week Transportation-HUD, Interior could come to the floor week of Oct.
• Commodity markets and impact on food security. Atlantic Council virtual discussion on "Fragmenting commodity markets: Geopolitics and the impact on food security and the clean energy transition." • Economic relations with China. Brookings Institution and the Research Institute of Economy, Trade and Industry discussion on "De-risking the economic relationship with China: Views from the Indo-Pacific."
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