2026-09-11 · Refiners Sold Into Their Own Strength
A fourth straight down day was driven by an oil-led inflation shock that flipped Fed odds from a cut toward a hike five days before the meeting, and the clearest signal underneath the selloff was energy refiners printing fresh highs on genuinely record fundamentals while quietly being distributed.
The Signal
Stocks fell for a fourth straight session as crude extended its climb on an unresolved Middle East conflict, and August's inflation report showed a hotter-than-expected core reading with gasoline supplying more than a third of the monthly increase. Futures markets flipped from…
The skinny
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