{
  "report_rows": [],
  "guide_rows": [],
  "day1_residual_pct": -2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -5.0,
  "day5_path": "FADE",
  "day5_rationale": "Even with a clear EPS/refining beat, the setup mirrors MPC/VLO, which sold off ~3% on blowout prints (Aug 3) as the S&P rose \u2014 classic sell-the-news after a ~58% YTD run into a July 21 high. The Iran-Oman Hormuz-reopening talks reframe the margin super-cycle as peaking, so sell-side out-period (Q3/Q4/2026) crack and capture assumptions get trimmed even after a big Q2. Combined with a pre-arranged insider sale and political 'windfall' pressure, the beat is largely priced; residual drifts further negative as forward estimates are cut, partially cushioned by real deleveraging progress.",
  "day5_confidence": "MEDIUM"
}