Brent prices had a nice bounce back above $86 as the U.S. headed into the core of driving season and Hurricane Beryl moved into the Gulf of Mexico. The hurricane has come and gone with no lasting impacts pushing Brent down $2 quickly. This is one of the earliest Hurricanes, and the earliest Category 5 on record, which helped push up futures. The only impact was on some production, but we don’t see any meaningful impact to refining or production. The broader talking point now is a more “robust” hurricane season and risk to PADD3 assets. When we evaluate the physical market, there is more pressure forming to the downside.