Refiners Fall Through The Cracks [BP plc (ADR), Enterprise Products Partners L.P., Valero Energy Corporation, Royal Dutch Shell plc (ADR), Enbridge Energy Partners, L.P., Enbridge Inc (USA), Royal Dutch Shell plc (ADR), Targa Resources Partners LP] - Seeking Alpha
Here is a great article by Elliott Gue about refiners and their processes. He explained how the price of Brent oil versus WTI matters in the profit that refiners earn. He also gave a good example of calculating the crack spread. The U.S. exports its refined products at Brent oil prices.
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