If I were a refiner operator, I would be hedging buying a ton of long dated calls on crude here... All upside and a small premium to pay for gigantic margins going forward. Might be part of the reason refiners are so strong right now.
Great point. VLO has certainly had a very strong run this last week, up from $18 to $23. SUN has run from $34 on Tuesday to over $42 today!