The Hormuz reopening (https://www.marketwatch.com/story/strait-of-hormuz-is-reopening-faster-than-expected-says-morgan-stanley-as-it-cuts-oil-price-target-a6f6795d?mod=mw_rss_topstories)—Morgan Stanley cut oil targets as traffic normalizes faster than anyone expected. But here's what nobody's talking about: my $PBF position was never about geopolitical tail risk. It was about margin expansion math.

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