Premium"Priced For Perfection": BTIG Says Refiners' Worst Day Since Liberation Day Is The "Start Of The Unwind"
This was never going to last forever.
Through Monday's close, the S&P 500 Refining & Marketing index was up 157% year-to-date. By BTIG's math that is the best year for the group in at least three decades "by nearly a factor of 2x". On Tuesday, it gave back almost 7% in one session, and BTIG's chief technical strategist Jonathan Krinsky, who has been bearish on the group since September, says this is only the start.