The entire market is in free fall. Two big reports today, both positive, stocks up on the news and now selling into it. I expect the market to be down big again today with another lte day swoon if not sooner. Now the worst thing you can say on the wall st floor isn't fire, its greece. Just mention the name + stocks drop 100 points.
Inventory numbers positive for refiners with another weekly drop in gas/distillates yet these stocks trade like there is a huge glut of gas, cude is 150, cracks at 10 and the spread even.
Cracks are up again today + the spread is now over 18. ND is now the 2nd largest crude producer at over 500k bbls/day + climbing. That 150K pipe reversal is like a gnat in comparison to expanding production in the midcon.