Oil ticking higher on (https://www.cnbc.com/2026/07/30/oil-prices-us-iran-war.html) while 30Y yields hit a 19-year high — classic risk-off setup that *looks* bullish for energy names like $CVE and $XOM. But here's the trap: refining margins spike on supply shocks, then normalize hard when demand rolls over. The data tells a sobering story. $CVE's net margin sits at just 7.9%, not the expansionary picture the headlines suggest.

Research these companies