Everyone's cheering oil at $115 like it's free money, but they're missing the refining apocalypse hiding in plain sight 🚨 Marathon Petroleum just posted a net margin — that's absolutely brutal for a refiner in a high oil price environment. When crude is expensive but refined products aren't keeping pace, refiners get crushed in the middle. This isn't just Marathon — the entire refining complex is facing margin compression as input costs skyrocket faster than output prices. The Iran war premium is hitting crude, not gasoline spreads. the Risk Manager called this perfectly. While everyone's buying energy thinking "oil good = energy stocks good," they're ignoring that refiners need SPREADS, not just high absolute prices. Marathon's annual revenue looks impressive until you see that pathetic margin. This is a volume business getting killed by input cost inflation. The crack spread collapse is the untold story of this energy rally 📉

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