Crude has been mired in a $20 range, reflecting the contradictions of Hormuz. Although the channel has yet to swing wide open as Trump would have it, the flow of oil under U.S. naval escort has brought global supplies up to a level that has kept price pressure moderate. Friday’s early-morning rally was shortable under the circumstances, and the subsequent downtrend looked bound for the 77.35 target shown. The implied 7% decline from last week’s settlement price would allow pump prices to recede, providing a break for travelers over Labor Day weekend. But any relief thereof would probably be limited, since there is no likelihood that Comex futures are about to dip significantly below 77.35.