RBOB soared on rumors that a Canadian refiner was in the cash market buying product. Sure enough our refining nightmare continues. That makes three refineries that serve the New York Harbor market have units shut or slowed.
In an environment of unprecedented accommodation, even a hint that the money printing will be curtailed can act like a tsunami on financial markets. Despite the headwinds, there are markets where traders can find refuge, an oasis where commodity-specific fundamentals prevail.
For the next month or so most risk asset markets are likely to be driven by the more normal price drivers, which include the state of the European debt situation, global economic growth and the evolving geopolitical situation in the Middle East.