Bay Area Sues Big Oil For Billions

The cities of San Francisco and Oakland have filed lawsuits against Chevron, Exxon, ConocoPhillips, BP, and Shell for the effect of their activities on climate change: higher sea levels. The cities seek billions in damages to counteract the effects of the changing climate.

"Today, The Music Stops..."

"Today the Fed should formally announce that after nearly a decade, it’s going to start vacuuming up a lot of that money it printed in 2008...Bottom line: they’re going to start cutting the lights and turning off the music...And given the enormous impact that this policy had on asset prices, it would be foolish to think its reversal will be consequence-free."

RBOB Stable at 2-Year Highs After Big Crude Draw, Surprise Gasoline Build

RBOB gasoline closes at a 2-year high (and WTI tested down to a $45 handle) as all attention is focused on the duration and impact of the storm (and how long refineries will be closed). Tonight's API data should not be market-moving since it relates to data from before Harvey but showed a big crude draw and modest (surprising) gasoline build once again.

Frontrunning: August 24

  • Future of Fed Chief Hangs Over Meeting at Jackson Hole (WSJ)
  • Fellow Republicans rebuke Trump over government shutdown threat (Reuters)
  • How Fair Is Stock Trading? The SEC May Soon Decide (BBG)
  • Russian bombers on mission near South Korea, Japan (Reuters)
  • U.S. Defense Secretary says Russia trying to redraw borders by force (Reuters)