DOE revised gasoline demand down monthly basis. Weekly demand comps were weakish. EIA 914 production data showed 2 bcf yoy growth... Stocks did not care, still finished down only about 1/2 a percent. HC very strong again up 3%. Tenaris got the antidumping ruling rescinded, Ole is probably going to bull the thing tomorrow or Monday. It was strong - up 3.7% which was cool.

Group started decently and only got stronger as the broad market closed 1% higher than its 2pm low to set an all time S&P record. Stable crude and gasoline didnt interfere with the stocks and July nat gas in its first day as the front month was up 3% to $7.96. Nat gas continues to deny explanation given invenories and weak-ish injection trends.

Crude was down almost 3% and the group acted decent (down 0.5%-1.0%) against that backdrop. It feels for lack of a better term that generalists want to buy the dip on these things as long as they don't imagine that the commodities are going to plummet unabated. 15-day moving averages still tenuously hold across most of the energy patch. Gasoline down a dime and June expires this week placing a strong driving season July in the front seat.

Market as a whole got clobbered. S&P down 0.9%. OIH down 2.45%. XLE down 1.83%. Crude down 2.4% as a VLO outage backed up WTI supplies while gasoline was strong on the same news with RBOB up 2.0%.

OIH diverged from E&P -> Up 0.8% vs XOP which was down 0.4%. Refiners reversed off morning highs to close on their lows. Real battle of opinion going on over refiners here.

Stocks are insane. Gasoline ripped on an outage or two, driving crude and then the stocks up 1-3% on a flat to down broad market day. Crude was up 4%. HC was a dog, so was TK with a downgrade at BofA.

Quiet sideways day after the Friday love fest. Adding a little TK, VLO, HC.