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VLOMPCPSXBULLISHSubstantive discussion · 3/5

Refiners hitting highs on strong fundamentals

The bull case made for refiners: all-time highs are supported by extraordinary earnings beats, high utilization rates (~96%), and favorable crack spreads.

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NOT INVESTMENT ADVICE · A SUMMARY OF WHAT WAS SAID ON THE PODCAST · VERIFY AGAINST THE SOURCE