Refining stocks are unattractive because margins are at record highs with risks of normalization.

And how do you view refining companies now in the context of this discussion? Is it a better opportunity? Did we miss the boat in that deal? Yes, it's hard for me to get excited about refining companies when you know that jet fuel refining margins are between $50 and $70 , which is close to their all- time highs, and for diesel they exceed $100 a barrel.

In addition to the crude oil costs, these refining margins are added as another $100 on top of that. This would also be the highest level ever. We previously recorded a peak of around 91.

Buying refining stocks at these levels means we are facing the best profit margins ever achieved. It is difficult to get excited about this, especially with the pressure the White House is putting on Zelensky to stop bombing Russia's refining capabilities, and with the possibility of some normalization in the Middle East over time.

Therefore, I am less enthusiastic about this matter.