Here is what you need to know going in to the G20 Summit that will be taking place in Osaka Japan on June 28th and 29th.
According to the EPA, RVP is an abbreviation for Reid Vapor Pressure, a common measure of and generic term for gasoline volatility. EPA regulates the vapor pressure of gasoline sold at retail stations during the summer ozone season (June 1 to September 15), to reduce evaporative emissions from gasoline that contribute to ground-level ozone and diminish the effects of ozone-related health problems. RVP is regulated throughout the distribution network of petroleum from the refiners to the pipeline shippers, distributors, retailers, and consumers. RVP is also regulated based upon geographic region as specified in the 1990 Clean Air Act. The EPA set the RVP standard at 9.0 psi for designated volatility attainment areas… and the RVP standard at 7.8 psi for certain designated volatility nonattainment areas. Since 1990 geographic regions have come and gone from nonattainment areas with the help of waivers and pollution cleanup.
You may or may not be aware but Sunday March 10th is the beginning of Daylight Saving Time. There are many conjectures about the origin and purpose of DST, but there is one clear fact, everyone enjoys more sunshine. On, “Sunday, March 10, 2019, 2:00:00 am clocks are turned forward 1 hour to Sunday, March 10, 2019, 3:00:00 am local daylight time instead.” Unfortunately that means we technically lose an hour of sleep that we all could use.
Across North America, temperature fluctuations, refinery turnarounds, and pipeline disruptions have created supply challenges getting petroleum to market. When refineries shut down for maintenance there is always a potential for a supply shortage in the effected markets, couple that with increased demand due to weather and all of a sudden a long (plenty of product) market becomes a short (scant amounts of product) market.