Inland refineries benefit, though demand impact will need time to assess    The impacts form Hurricane Harvey remain an ongoing situation as the stormworks its way eastward along the Gulf Coast. With major damage in therearview (we hope) as the storm weakens, we see today's market reaction (FrontMonth RBOB/Non-exposed refiners +4%/+7% ) as reflective of the shorter-termexpectations for a gasoline squeeze (Nov RBOB     Specific to our coverage universe, XOM, VLO, PSX and MPC have current outages,representing 31%/18%/13%/25% of US refining capacity. Our concern now liesin the demand outlook, and given a perfect storm noisy EIA data ahead of theholiday weekend, we remain cautious in our longer-term refining outlook, and seeHFC, ANDV, and to a lesser extent, MPC as near-term beneficiaries.

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