13F Pro · Market Intelligence Briefing

Crack-spread collapse reorders energy while AI infrastructure confirms its bid.

A multi-quarter fundamental deterioration in refining margins arrived simultaneously with a semiconductor and power-infrastructure rally, forcing sector allocation decisions that cannot be resolved by a single session's price action.

Committee position: 60/40Breadth: 4 of 12 sectors higherDispersion: 4.37 pts10 analysts

Oil posted its largest quarterly price drop in six years as Hormuz workarounds and softening Chinese crude demand collapsed crack spreads, hammering Energy as the worst-performing confirmed sector over five sessions at -2.45% while only four of twelve sectors closed higher today.

Since the last briefing

Yesterday the committee favored PLTR over SNDK, weighting durable government software demand above cyclical semi momentum at 55/45.

Companies in this briefing

The rest of this briefing

What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.

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