| Thank you for the feedback. The way I see refiners industry is a long term play. It is highly cyclical, but it has been, over time, a sustainable business. Therefore, regardless the short term headwinds, refiners will need to be profitable in the long term, otherwise, if new capacity is needed, no one invests. And if no one invests, margins increase and the current ones will have to be profitable. Of course, if the short term turmoil turns unbearable, I will suspend my position. But always with an eye on it in the future. So far, my holding are generating some profit, but very little, so I am waiting to see how the market evolves... Nonetheless, I don't understand the technical dynamics of the industry, and I do understand that if I understood, I would probably have taken more time to buy a position... But my exposure is limited (less than 10% of my portfolio) |
