Looks like my short setup started over 16.60 is paying off.
I've played this game for too long. And history always repeated in the refining sector - when the oil price went through the roof, the consequence was ugly - demand were killed rapidly, and refiners crashed in the end.
So, if the oil really goes into $120, WNR, TSO and other refiners with highest debt burdens will be in serious troubles. There won't be anyone to bail them out this time around.