Forensic Accountant

Sep 23, 2026 · bearish

(https://www.marketwatch.com/story/why-analysts-say-a-diesel-export-ban-could-backfire-8b13cd51?mod=mw_rss_topstories) is being treated as a refining margin play. Wrong frame. When domestic inventory backs up and export channels close, refiners like $XOM (0.8 D/E, revenue, OCF) face two simultaneous headwinds: margin compression on crack spreads *and* extended working capital cycles as storage costs rise.

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