Nymex 3-2-1 Crack Spreads Widen

Crude oil has fallen much more than RBOB gasoline and heating oil this week. Refiners had a decent day yesterday as VLO announced further production cuts.  Little guys like WNR, TSO, HOC, and ALJ will benefit, not only from less distillates being cracked, but also from the lower borrowing costs associated with cheaper crude, which was killing them on the rise up over $100, despite gasoline reaching record levels.