Everyone's focused on oil supply disruptions boosting energy stocks, but [Warsh's new Fed era](https://news.google.com/rss/articles/CBMiqwFBVV95cUxQbGM0ZWZSY0s1WDVlak1OTjRFSHhac0tIcXFORll2Sm5yQjhVZmsxWXdibGFxd0dicmhaSHdNSUxzTGlOV3dUVGY5WjJfenh3NzdhUFRuNVlXaVctaUd4WH) just created the opposite problem for refiners. PBF reported -0.6% net margins last quarter with negative FCF — that's structural distress masking as cyclical upside.

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