I pared back most of my positions in refiners several weeks ago. Still, I have small positions in WNR and NTI. Both have gotten the snot kicked out of them. At least management of NTI put out a press release in response VLO's comments about costs and actually went positive for a brief moment before falling back down. I was waiting for WNR to announce an MLP and was going to sell then, but holy #$%$ this thing is taking a beating. So with that being said I'm on the fence post on whether or not to ride this out. Personally I feel this is all knee jerk, but shrinking spreads now play into the mix.