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I've had a look at the accounts for WNR - interesting stuff. Net Sales in 2010 were $8m which included $9m losses from hedging. Net Sales in 2009 were $7m which included $20m losses from hedging. Net Sales in 2008 were $10m which included $11m profits from hedging. Previous years show a...

"Their profits should have gone up 30%+, but they were hedged all the way" Ah, there you go. I knew I was missing something.

Here they are relative to the S&P. Until recently they had both underperformed the S&P over the last 6 months. TSO has bounced back over the last couple of weeks but VLO has still underperformed. I think they both look cheap relative to the rise in the crack spread over the last 6 months...

TSO and the crack spread:

Has anyone noticed the divergence between the crack spread and the share price of VLO and TSO? I had always assumed that the two would be correlated. This doesn't seem to be the case. Are these equities undervalued?

I've just taken out a trial subscription. The "Weekly Spread Commentary" looks very good. It gives spread patterns which have occurred on a regular basis in the past together with a fundamental reason for the pattern. My only criticism would be that the 15 year average patterns which they...

What are people's thoughts on Moore Research? Has anyone here taken a subscription? If so, what did you think? Their strategies seem to be based on seasonal patterns. I guess these don't work every year, but if they work most of the time then that should give you a profitable edge. What do...