Brent is off by 4%, increasing the spread v WTI to almost $1. This is massively important to our refiners, who might just choose to import that cheap Brent in favor of the crap coming out from Texas.
With the spread inversion, the bastards are no longer to rob and steal from the layman American gasoline guzzler.
In the past, they’d purchase crude at WTI prices and then resell it at Brent prices, locking in an instant profit.
Since the oil sector is in ashes, I suppose it’s only right that the House of Saud finish us off by targeting our refiners.
This should mean serious downside action in WNR, HFC, DK and ALJ.
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Theoretically crude can fall 4% a day, forever.
Fuck
SCO doubled in thirty days. that chart is a lolz.
And the hits keep coming…
So demand for WTI among U.S. refiners will be going…. uh, yeah… down.
Oh, while we are exchanging pleasantries, Japan is down over 2%. Happy fucking 2016.
It’s almost to the point that I’m getting interested.
SPY Futes barely down. To easy. Something is up in WTI. Will be the tell come Tuesday. Obviously.