Despite the chronic concern about the state of the U.S. economy and its immediate prospects, the first weeks of the summer driving season have given traders reason for hope. Rising retail prices, declines in inventories, and higher refinery runs have combined to paint a picture of a strong start to the season of peak demand in the world’s largest consumer. This suggests things are not as dire as economic indicators would have market players believe. Recent purchasing manager index data, for instance, suggested a continued contraction…
