Key Market Developments

Macros & Energy:  Outside markets continue to trade in a tug-of-war between escalation and de-escalation — and crude oil is right at the center of it. Overnight, crude pulled back toward $87 as headlines pointed to a potential resumption of peace negotiations later this week following disappointing results over the weekend. That offered a brief sense of de-escalation — at least on the surface. But that weakness didn’t hold. Crude oil recovered sharply during the session, pushing back above $90 as supportive inventory data helped shift the tone. Weekly EIA figures showed a larger-than-expected draw in crude stocks, alongside significant declines in gasoline and distillate inventories. Net c...