The great short WTI-long Brent trade is being unwound. The Brent premium is now just $9.75.
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All thanks and praise to the ConocoPhillips company split. Blessings of lower profits for all refiners!
Question though: for how long has WNR hedged themselves at the old spread?
Could be a sweet value buy if people drop all the refiners without looking closer at things.
The stock is a great value right now. But emotions move stocks short term. I intend to buy some cheaper. This unwinding will cease and spreads will normalize around $20. My guess.
The refiners will be OK. It’s a world market for Gasoline. EMs are buying many cars.