U.S. crude oil futures ended down sharply for a second day in a row. As oil goes down will refiners margins go up?
I think refiners are a great play, says Jon Najarian on CNBC’s “Closing Bell”. Look at how much the price of crude has come down relative to the crack spread. I see a widening out and that should benefit Tesoro and Valero . And I'm talking my book, I own both.
I expect the market to test $120 and I’m not anticipating as much support as others suggest. I think we could go through this like a knife through hot butter.
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