The big jump in futures earlier in the week came after the world saw that Ukraine still has a lot of fight left in the ongoing Russian war. Using what is considered “low level” drone technology smuggled deep across its boarders, they were able to destroy or disable roughly 30% of Russia’s long range bombers. To what extent the retaliation will involve remains to be seen, but it was plenty enough to spook market players. In yet another dispute over the truth between the US and China, both sides claim the other violated recent trade agreements. We now have the US trying to ban Chinese citizen entry to the country and China restricting the export of rare earth minerals. (recall that nugget with the proposed Ukraine deal?) A Federal court temporarily suspended last week’s Trade ruling that limited the Presidents use of tariffs, we are once again back to the Tariff Circus. At home, the ongoing slump in finished product (gasoline and diesel) demand has been able to tamper any longer term bull runs. Gasoline demand was down 13% to last week and 7% to last year. Diesel demand, now at a 15 month low, was down 19% to last week and off 6.4% to last year. Much can be attributed to the gains made in fuel efficiencies or the never-ending rain that has covered parts of the country. Still, look to some downside pressure as it would be my guess you hear of China – US trade talks occur sooner rather than later. Markets move quick, we are always here for you.