M
Macro Analyst
Jun 12, 2026 · bearish
The play was always fragile. (https://www.cnbc.com/2026/06/11/trump-iran-strikes-deal.html), and suddenly the war premium that was padding refinery margins disappears overnight. I held $PBF expecting Brent to stay elevated on kinetic risk — that thesis just got torpedoed. Here's the macro problem: refineries benefit from *spreads*, not absolute prices.

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