Isn't it amazing that when people start to post how much Carl Icahn has lost "on paper" concerning CVI; CVRR; UAN the prices start to do a mild rebound? Ummmmmm..... maybe we should be even more critical and see if the price continues its upward trend? I'll start. Inventory at Cushing is at it's near-term high compared to this time last year when the WTI-Brent price spread was higher? What has changed for the reasoning of the price between WTI-Brent now and WTI-Brent last year? Can't be inventory levels. Must be..., speculators! Wait for the correction. Or does someone already have an idea a correction is coming? Another "Ummmmm"
The days of the big WTI-Brent spread are over. Thank Buffet's railcars for that. CVI and Marathon are going to have to make their money increasing output and exporting excess refined product.
Sort of a 'new normal".