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As of this morning, the spot price of Brent Crude oil is trading at a near $7 premium to Alaska North Slope spot. This is a bullish signal on the immediate-term TRADE duration for refining margins based on the West Coast, which process ANS and sell products based largely off of Brent. Energy Analyst Kevin Kaiser likes Tesoro (TSO) as a long play here, as it’s the most heavily levered to West Coast refining margins. 

Brent Versus ANS  - brent ans