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To: ild who wrote (103179)	5/18/2001 12:23:13 PM
From: patron_anejo_por_favor	Respond to of 436258

Refiners...I'd start to book some profits and move up stops here. The sector's gotten a lot of attention this week, and has run up. In the meantime, short term fundamentals have deteriorated a bit (ie, refining margins have come in some, gasoline inventory has built a bit, and the short and intermediate term futures have dropped some). I think you'll get another, better opportunity on VLO, FWIW. All IMO only.

To: ild who wrote (103179)	5/20/2001 6:52:43 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

<<Patron, What's your current view on refineries? They just go up in the face of downgrades>> Keep this in mind, it's what I was referring to in my previous reply: quote.bloomberg.com ``Gasoline supplies could easily continue to grow through the summer,'' said Tim Evans, senior energy analyst at IFR Pegasus in New York. ``We rallied last month on refinery outages and in the end, we still built stocks.'' By the July 4th holiday, gasoline futures will probably fall to 95 cents a gallon on the Nymex, according to a Bloomberg survey of 13 analysts and traders. Gasoline today traded at $1.069. Hate to appear like I'm flip-flopping (on refiners), but this is a volatile sector right now and you've gotta be nimble. Long-term, I still think they're a good investment on a supply-demand basis, but they'll correct short term if gas doesn't go higher this summer.