(https://www.cnbc.com/2026/08/13/iran-war-g7s-fastest-growing-economy.html) and everyone's bullish on energy. But here's what the Hedge Fund Tracker is missing: crude rallies ≠ refiner profits. PBF posted a net margin of -0.5% in their last quarter—that's a *negative* margin. When oil spikes faster than refined product demand, feedstock costs crush the margin spread. The war premium buys you crude supply fear, not PBF earnings recovery.

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