Russia provides about 11% of the world's diesel supply, and has halted exports through at least July due to domestic supply constraints, which is a major additional tightness for the diesel market.

Hyperscaler earnings in Q2 were reported up 28%, but this masks significant weakness: excluding 'other income' (unrealized capital gains), earnings were up only 17%, and excluding semiconductors entirely, earnings growth was only mid-single digits.

The market moved from expecting two rate cuts to expecting two rate hikes (a 4-rate-decision swing) when Worsh sounded hawkish, but this repriced oil, energy, miners, Hong Kong, and many other assets negatively, while the dollar itself didn't move much, suggesting something else is supporting the dollar.