Americas top stories: weekly summary

HOUSTON (ICIS)–Here are the top stories from ICIS News from the week ended 19 July.

Westlake appoints Jean-Marc Gilson as new CEO, effective today
US-based chemical and building materials producer Westlake Corp has appointed Jean-Marc Gilson as president and CEO, effective 15 July. He succeeds Albert Chao, who becomes executive chairman of the Westlake board of directors.

SW ’24: US fertilizer demand lacking as farm economics unsupportive
Unfavorable farming fundamentals, including weaker grain prices, high cost of credit, and weather issues will continue to hit demand for fertilizers, said market participants on the sidelines of the Southwestern fertilizer conference (14-18 July).

SHIPPING: USG-Asia liquid chem tanker rates plunge on ample space availability after Beryl
Liquid chemical tanker rates from the US Gulf to Asia are plunging this week as plant shutdowns and delays in the aftermath of Hurricane Beryl have led to “gaping large holes of space”, shipping brokers said on Wednesday.

INSIGHT: OUTLOOK: US chems may see revival of programs, UN plastic treaty
The US chemical industry could see the return of some popular trade and chemical-safety programs later this year, and customers of the major railroads could get their first chance to switch carriers if they get bad service.

Global IT issues impact energy trading; Trayport services return
IT issues that impacted energy trading systems on Friday morning were gradually being resolved, with market participants regaining access to critical applications.

ICIS Economic Summary: US eyes coming interest rate cuts as consumer spending, inflation eases
With solid progress on disinflation and the labor market easing, financial markets are sharpening their focus on the coming interest rate cut cycle, with the first move expected in September. Ten-year Treasury yields are collapsing and economically sensitive stocks surging, as consensus moves to as much as three cuts of 25 basis points by the Federal Reserve in 2024 and further easing next year.