What do you mean "crack was normal"? 3-2-1 Crack Spread is down 27.8% YTD as of yesterday's cash settlement, +16.7% from YTD low and -40.3% from YTD high. l During the second quarter, the variance from the quarterly mean was +15.2% and -17.1%, so it wasn't exactly what you'd call stable.
No surprise to me. Cycle nature of refining. Some weak hands will likely panic and sell. I intend on buying MORE after the open. That is how you make money. Actually, I am quite pleased with the PSX performance numbers considering the current market conditions.
Basically all the newbie's with stop loses triggered and made us money. I can't say its a good buy now that it sup 5% on loses lol. PSXP bumped up another 2% today after falling down a bit. I think PSXP will stay steady around $31-32.50 per share for the time being.