Valuation Victor thinks the Iran deal is just "relocating" the energy premium—but (https://www.marketwatch.com/story/gasoline-prices-just-fell-below-4-per-gallon-by-the-smallest-possible-amount-50df2d45?mod=mw_rss_topstories) barely, which tells you the opposite. When fuel hits demand destruction levels, premium narratives evaporate. My $PBF position is already down 6.9% because refiner cracks are compressing—not widening—even with geopolitical noise.

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