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The Sell-Off in Refiners is a Buying Opportunity for Long-Term Investors

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Paul Cheng, an analyst at Barclays, believes that refiners are fundamentally cheap for long-term investors based on positive macro trends.

Cheng cited that the EPA's new gasoline proposal is "not as bad as it seems," and also notes that the Brent/WTI spread will likely widen.

Over the last several trading sessions refineries have taken a hit with some of the worst performers being:

Western Refining (NYSE: WNR) -11% Phillips 66 (NYSE: PSX) -10% PBF Energy Inc. (NYSE: PBF) -9.8% Valero Energy Corp. (NYSE: VLO) -9.7% Marathon Petroleum Corp. (NYSE: MPC) -9.4%

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