Traders may fade refining strength. With an abnormal pop in Refining Equities in March/April, it's time be building models & case study's. Oil markets are back in the headlines prompting rotations back in energy. Refiners are benefiting from a funds flow perspective, along with optimism on future IMO changes into 2020. Oil spiking on geopolitical concerns and OPEC curtailments, doesn't really bode well for downstream margins. My guess would be aggressive Q2 estimates +306% Q/Q, increasing Global throughput and a seasonally weaker period for NYMEX 3-2-1. 2Q18 EPS numbers are way to high personally, at some point these numbers will get challenged as numbers for the year progressively move lower. Eyes on US Production numbers, US utilisation trending above industry expectations but global outages were towards the upper end of historical ranges through March. Just as I said in January too, turnaround activity is rolling off and we are also digesting the impact of ongoing capacity additions globally. These views are my own, I have been Long Crude since $44 last summer, it's now up 2400 pips so make of that what you will.