The dog days of summer trading kicked off yesterday, with the lowest non-holiday volume of the year across many markets, as summer vacations and central-bank fatigue take hold. Stocks remain strong, with European shares leading the way today, which is helping to lift energy prices. If WTI can break $93 and hold, a run to $100 looks to be in the cards over the next week or two. Likewise, products appear poised to run higher if they can get back above the $3 range.
A large fire hit Chevron’s 245mb/d refinery in Richmond California today, which will likely be a headline to help boost prices today, and could have a dramatic impact on cash values on the west coast, while other physical markets will have little to no effect given its location.