Lots of surprises today. After the Greek referendum, which decided not to accept the EU proposal for debt relief and new loans, we have market reaction. And this reaction is very subdued. At the open, the Dow and S&P are down; US bonds are up, but not much. Not much movement in currencies. Gold didn't move much. And there is a huge movement in oil futures: WTI is down almost 8%, Brent more than 6%.

Strange reaction, don't you think so? And why WTI is down more than Brent? Greece is in Europe, isn't it?

Because this drop in oil has nothing to do with Greece. It has everything to do with July 4th, the biggest driving day in US. Prices of oil and gas somehow held until Independence Day. Some people would say that it was a collusion of oil producers and refiners. I don't have any proof of it. But I know that gas prices are usually go down between Independence Day and Labor Day. So maybe producers just didn't want to reduce prices before? Despite a lot of oil which can't find desired price and sitting in tankers in Atlantic? Despite known imbalance of increased supply and stable demand?

In a day or two we'll find out. There is some data out there which leaked to traders today. I don't know whether it's Independence Day driving survey, or inventory data, or some other supply or demand data. But something is there. And that something crushed the oil market Monday.