Oil refiners: Seasonal turn coming?

Traditionally the oil refiners would be moving higher now ahead of the summer driving season, when crack spreads widen.
But daily records in crude mean higher prices paid for feedstocks and lower margins.
Refiners have been hammered as a result.
If there's going to be a turn, it will have to get started pretty quickly.
At these levels you would expect refiners to cut off production to reduce gasoline stockpiles that are at 14-year highs.
One school of thought says that a weaker economy leads to demand destruction for gasoline.
An opposing theory claims that because the dollar is so weak, fewer vacationers will travel to Europe this summer, opting for domestic travel, and more driving.
Last Friday Tesoro (TSO) removed a poison pill provision enacted last year to prevent Kirk Kerkorian from consummating a takeover @ $64/share. TSO closed yesterday @ $33.26. A job well-done by management.
But it underscores the value seen the sector right now. You couldn't build a refiner from scratch anywhere near their current capitalizations/production.
Sovereign wealth funds have expressed desires to snatch up refiners.
Western Refining (WNR) is the cheapest of the group. Its merger with Giant seems to have been ignored. It's like a buy-one-get-one-free sale. There's been insider buying on the open market at higher levels. And the fire at competitor Alon's (ALJ) refinery increases Western's ability to push product and raise prices.
WNR closed yesterday @ $16.33.
52-week range: 15.68-66.13
VLO, HOC, TSO, WNR....