My mama told me , there'd be days like this .....Van Morrison and different context but the words resonate . After a day like this (although it never happens) you just ache for some big NR that forces all these naked shorts to cover at any cost .
Most times market moves make sense but a selloff before whats coming this winter leaves me perplexed . A BP refinery is down indefinitely (in Ohio) with the loss of 3.8M gpd of gasoline , 1.3M gpd of diesel and 500,000 gpd of jet fuel . The SPR will run out in Oct/Nov , Freeport LNG will be online again and another la nina winter means cold and snow . Maybe the developing hurricane in the Caribbean or the declining rig count will attract some attention .
There is definitely a bullish case to be made , unfortunately for producers , there doesn't seem to be anyone willing to make the case in front of a microphone .