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In the last 6-8 weeks we've gone from WTI at $68 with RB at $2.4/gallon ($ 98/bbl ish) for a crack of $30/bbl.

Now, with front month WTI at $75 ish, RB is down to $2.14/gallon or roughly $89/bbl for a crack of $13.  Refining margin halved on that piece of the bbl.

Are we setting up for another puke like last year barring a hurricane whacking the USG?  I think OPEC is better positioned to keep prices firm this go around though.

by HiD on Tue Jul 17th, 2007 at 06:01:16 AM EST

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