Refineries Are Running Hot. When Is the Pit Stop?

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At a recent internal discussion, Fundstrat Head of Technical Strategy Mark Newton mentioned that oil refinery stocks have performed well of late. The VanEck Oil Refiners ETF $CRAK is up 75.7% thus far in 2026. It's up 46.9% since the Iran war began on Feb. 28, and it rose 11.2% in August alone. 

It's not difficult to see why. Global refinery capacity has been hurt by not just the Iran conflict, which has seen key refineries in the Middle East (in...

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