NEW YORK (TheStreet) -- Jim Cramer wanted me to take a victory lap on refinery stocks, which I mentioned were ready for a selloff two weeks ago and which have dropped almost 10% of their value in the last three days of trading.

To be fair, I wasn't particularly bullish on refiners during their big run over the last year, but the moment to take profits wasn't too hard for me to see.

That's because margins for the refiners, particularly for those in the mid-continent like HollyFrontier ( HFC), CVR Energy ( CVI) and Western Refining ( WNR), were being stoked by a very wide West Texas Intermediate/Brent crude differential -- the WTI component representing what these refiners pay for crude and the Brent price representing what they were receiving for their finished gasoline product.

So, as the "spread" between the two began to moderate a few weeks ago, from near $20 to under $15, I wasn't shy about suggesting that maybe the run in the refiners would be nearing an end. That prediction has played itself out in the past three days.

I talk more about the refiners with Jim in the video above.

At the time of publication the author had no position in stocks mentioned.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Dan Dicker has been a floor trader at the New York Mercantile Exchange with more than 25 years of oil trading experience. He is a licensed commodities trade adviser.

Dan is currently President of MercBloc LLC, a wealth management firm and is the author of "Oil's Endless Bid," published in March of 2011 by John Wiley and Sons.

Dan Dicker has appeared as an energy analyst since 2002 with all the major financial news networks. He has lent his expertise in hundreds of live radio and television broadcasts on CNBC, Bloomberg US and UK and CNNfn.

Dan obtained a bachelor of arts degree from the State University of New York at Stony Brook in 1982.

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