The energy markets remain mixed with some positive hope for a strong driving season and growing Chinese demand while the physical market softened a bit. Refined products have been struggling around the world, but the market is finally catching up to the oversupply. Russia has been pushing more into storage as crack spreads shifted lower again. The U.S. has been the strongest region for cracks, but they have fallen to the lowest level in six months. This should be the STRONGEST period of the year, but instead we are seeing a lot of weakness across the board. Refined products are well above last year and closer to the seasonal average. Crack spreads are weakening as builds persist, which will reduce broader run rates. We’ve already seen run rates diminish in key areas, and this will persist well into August pushing additional economic run cuts and early turn arounds. The reduction of refinery throughput will leave more crude in the water and storage.