Refining margins are holding even though WTI is softer. That is why integrated names are read before pure E&P. The refining margin is not the price of the barrel.
If the crack holds while the prompt falls, downstream earns the spread and upstream takes the lower price. An integrated name mixes both. The desk names the mix instead of smoothing it.
No weight and no rating. Delayed print.
What the desk is watching
- Refining margins hold
- WTI softer anyway
- Integrated names mix both sides