Content originally published at iBankCoin.com
Most of you see WTI down 3% today and think Harvey didn’t affect the oil trade — but you’re wrong. 321 crack spreads are blowing out because of damage to the refinery sector.
Gasoline is higher by 3% today — causing 321 cracks to blow out to its largest spread in two years. This is pure profit for refineries.
Here are the refinery stocks on the move. DK has been the best performer over the past week.
According to S&P Platts, 10 refineries in Texas, producing 2.2 million barrels per day, are shut in due to Harvey.
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