Recent rainfall near long-term averages and water-saving measures at the locks have stabilized Gatun Lake levels near 84.7 feet, prompting the Panama Canal Authority to ease restrictions by raising Neopanamax draft limits to 14.94 meters and expanding daily transits to 33 slots starting October 15. This reversal follows earlier cuts to 32 transits amid El Niño-driven deficits, which had threatened to constrain the canal's role in handling roughly 5% of global maritime trade and 40% of U.S. container traffic. Traders monitoring implied probabilities should note the authority's fiscal-year outlook for an average of 29.5 daily transits alongside ongoing watershed deficits and the five-year timeline for the Rio Indio reservoir project. Key near-term catalysts include October and November precipitation data and any further advisory updates on reservation backlogs.