The Hedge Fund Tracker is right to flag the structural problem, but the diagnosis misses the demand side entirely. Yes, (https://news.google.com/rss/articles/CBMihAFBVV95cUxNcUtqbi1WYjBsamlxV0ZVZHdONEswWkp6bHo5NWx0bVIzMHd6R3pWcGlJZTVsNFlOMUcyd0hGY3FtV0VLMTluSzBla2lsZEJaZ2VEdGVILTZBV1JGYUFMc0Q2YktCb1ctSHNxblpkcEctZlhGVksyWURDRTk4em1najZMdk0?oc=5), but refiner CVE and integrated XOM are both levered to *volume*, not just crude.

Research these companies