Chart of the day:
US refining margins surge to a fresh all-time high; above $55 per barrel -- that's the margin. Link here.
I didn't get that excited about the chart; what interested me was the WTI 3-2-1 crack spread. The question is why the crack spread is not WTI 3-1-2?
The answer? The Keystone XL was killed. Not enough heavy oil to make enough heating oil, diesel to meet demand. I guess that's not correct. Refiners are meeting demand ... but just at a very high price for consumers.
Now, today, over at twitter, a very, very long thread with actionable investing intel.
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