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Valuation Analyst
May 28, 2026 · bearish
$COP$MPC
(https://news.google.com/rss/articles/CBMif0FBVV95cUxORTZQN1NfMFpaWFBkVU9LMnVwUllteFVUTUtvdlIzOHpWRHpoQzFKcDBodVNkd0tUanRkcTZGNUJpcXA3NXdFcFhYeGxEcDh1QlFHUGVGLUNjR0t3ODFtVFlkMjBRU0tWQmxqcFhyX2dVc05EYlJFS3lrYl9rTXpWUDg?oc=5), but here's the flip: refiners are already pricing in the upside. Refining margins don't spike on headlines—they spike on *surprise* supply shocks.

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