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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (180422)	9/23/2013 7:05:09 AM
From: Dennis Roth	3 Recommendations Recommended By evestor LoneClone RevoltNapper6 Read Replies (1) \| Respond to of 206325

US Independent Refiners More Bad News Beneath the Surface; REINSTATING Coverage on PBF with Neutral & TP of 25; Revising Ests and Lowering ALDW's TP to $20 (from $21) E. Westlake 23 September 2013, doc.research-and-analytics.csfb.com Headline refining margins and WTI-Brent spreads are tough enough in the seasonal weak point for US demand (Sep-Feb). However, partly due to RIN distortions in the market, we note that Gulf coast refiners selling their product up the Colonial pipeline will make less money than the Gulf Coast crack suggests. We take this opportunity for a further mark to market, notably of 3Q/4Q conditions and remain 10-15% below consensus EBITDA.