RE:RE:RE:RE:I’m bailing on thisYou're right, in a way ..
If spreads recover, then it's nearly a tossup, that's why CJ and WCP had been trading similarly for the last month. However, if the spreads persist any more than a month or so, beyond the refinery mantenance period, CJ will be hurt more, because of the lack of transportation options. Trucking is very costly. All the other measures they're taking are the best thing they can do, but that doesn't mean SP won't get depressed further.
Probably the best thing to do, short of cash, is to spread the risk and stay long the sector. If anything, I'd weigh more toward WCP, so folks like Martin might go 1/3 2/3 split or something. Also selling at 4 is way different than 3.50, so that changes relative metrics comparison quite a bit, of course.
IMO