A slight market pullback saw E-mini futures down 28 points and NASDAQ down over 1%, with high-flying tech names like Meta, NVIDIA, and Palantir experiencing significant declines. Traders discussed positioning ahead of Powell's upcoming Jackson Hole speech Friday. Thomas Westwater analyzed crude oil markets, focusing on the prompt spread (difference between current and next month contracts) which has decreased from $1 to $0.48 since early August. This suggests markets are moving toward a balanced supply-demand dynamic rather than the previous tight supply conditions. The group discussed hurricane season's potential impact on oil volatility, with all three hosts positioned neutral-to-long on crude. OVX (oil volatility index) currently sits at $33.35, below historical averages during hurricane season. Beyond oil, traders highlighted moves in agricultural commodities with grains trending lower while live cattle continues pushing higher amid ongoing concerns about the advancing screw worm affecting livestock.