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They're related markets but definitely not internals. |
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Crude oil is useless unless you dont turn it into products. Most of trades on crude oil are spreads. That's what the exxon's of the world care. Not the price of crude.
Maybe they are not market internals, but it is a industry internals. These spreads and oil prices are affecting each others, just like the S&P uptick because the NYSE tick is moving up. If crack spread move up, dont you think refiners would want to buy crude and run it thru the refineries?