Given VLO's warning why are refiners rallying sharply today?
Refineries are up due to the rally in gasoline prices. Checkout the RB1 index or RBOB gas futures. Or, simply go to your local gas station and watch the prices rise by the hour :)
I think they were way over sold due to the much ballyhooed WTI/Brent spread declines providing bargain hunters and institutions entry points. The afternoon trading session, especially being a Friday, will tell much.
Sentiment: Strong Buy