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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Dennis Roth who wrote (182167)1/28/2014 10:28:23 AM
From: Dennis Roth2 Recommendations

Recommended By
CommanderCricket
LoneClone

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US Independent Refiners
Gulf Coast Crude Market Tighter Than Market Thinks; Buy E&P / Trim Refiners; DOWNGRADING DK,
WNR & PSX to NEUTRAL from Outperform
E. Westlake 28 January 2014, 21 pages sendspace.com

Bottom Line: It is always dangerous when consensus becomes viewed as established fact e.g. we were guilty last summer of thinking 4Q would be tough. Given upcoming refining maintenance in the Gulf (Feb/March), investors appear to be positioned for the same collapse in LLS prices vs Brent that took place during last Fall's refining maintenance season i.e. long refining/short domestic E&P. However, much has changed since last Fall.
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