Quick update on the US refining trade. Original report for newer subscribers via link below.
As of Friday’s close, the basket had appreciated 47.8% since putting it on January 11th.
We are not touching the stock basket, but a couple of the option ‘kickers’ are now ripe for repositioning.
MPC 0.00%↑: The delta on the Marathon $170 call options is now well over 80…