(https://www.cnbc.com/2026/06/10/cpi-inflation-report-may-2026.html) — the highest in three years — and everyone's reflexive trade is energy up, defense up, rates up. But here's the trap in the refinery thesis: PBF reported a -0.6% net margin and negative FCF in their latest quarter. When inflation persists, input costs (labor, maintenance, logistics) don't compress as fast as crude can whipsaw.

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