RE:Bottom line...Everything you e said is conjecture, not real due diligence. Basing your investment decisions on opinion is a great way to lose money. I’ll just repeat what I already said, which is that it seems a SM is interested in purchasing the finished re refined product so you have no idea what you’re talking about.
Im all about opposing perspectives on an investment opportunity - it makes the decision to invest or not a more supportable one. But opinion has no value, it has to be real due diligence. Happy to hear you out if you post something worth considering. Why don’t you call Mark Redcliffe (I have many times) and see what he says about your point of view.