Calumet Specialty Products

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  • uploads///refinery inputs
    Macroeconomic Analysis

    US Refinery Inputs: Another Cause for Crude Oil Inventory Build

    The four-week average refinery input level of 15.7 MMbpd for the week ended October 9 was 0.3% higher than last year, which is relatively flat.

    By Keisha Bandz
  • uploads///aldw leverage
    Company & Industry Overviews

    Is Alon USA Partners’ Leverage a Concern for Investors?

    Alon USA Partners’ net debt-to-equity ratio currently stands at 1.4x. It had total outstanding debt of $292 million at the end of 1Q16.

    By Rekha Khandelwal, CFA
  • uploads///cvrr institutional holdings
    Fund Managers

    What Do Institutional Investors Think about CVR Refining?

    Nearly 8.7% of CVR Refining’s (CVRR) floating shares are currently held by ~120 institutional investors.

    By Rekha Khandelwal, CFA
  • uploads///IV Integrated
    Miscellaneous

    Integrated Energy and Refiner Stocks with High Implied Volatility

    As of November 8, 2016, Alon USA Partners (ALDW) had the highest implied volatility among the integrated energy and refining companies in this series.

    By Rabindra Samanta
  • uploads///clmt significant yoy decline in capital spending
    Company & Industry Overviews

    CLMT Reduces Capital Spending Significantly in 2016

    For the full year 2016, Calumet Specialty Products Partners (CLMT) anticipates total capital expenditures to be $125 million–$135 million.

    By Rekha Khandelwal, CFA
  • uploads///distributions per unit
    Company & Industry Overviews

    How CLMT’s Distributions Differ from CVRR’s and ALDW’s

    CVR Refining (CVRR) and Alon USA Partners (ALDW) have variable distribution policies.

    By Rekha Khandelwal, CFA
  • uploads///will cvrrs refining margin rise in q
    Earnings Report

    What to Expect from CVR Refining’s 4Q16 Results

    CVR Refining (CVRR) is scheduled to report its 4Q16 results on February 16, 2017. The refining MLP’s performance over the last few quarters had been severely hit by low crack spreads and high RIN costs.

    By Rekha Khandelwal, CFA
  • uploads///gasoline stocks
    Macroeconomic Analysis

    Bullish Tone: Gasoline Inventories Decreased Last Week

    The EIA reported that gasoline inventories decreased by 2.8 MMbbls to ~223.9 MMbbls in the week ending May 15. Analysts expected inventories to increase.

    By Keisha Bandz
  • uploads///p
    Energy & Utilities

    These Energy Stocks Rose the Most between August 7 and 11

    Among our list of energy stocks, RSP Permian (RSPP) rose the most between August 4 and 11. Our list includes stocks from energy ETFs like the VanEck Vectors Oil Services ETF (OIH)…

    By Rabindra Samanta
  • uploads///coffeyville refinery
    Company & Industry Overviews

    How Do CVR Refining’s Operational Metrics Look?

    CVR Refining’s (CVRR) Coffeyville and Wynnewood refineries saw a decline in refining margins in 3Q16 compared to the corresponding quarter last year.

    By Rekha Khandelwal, CFA
  • uploads///institutional ownership
    Company & Industry Overviews

    Are Institutional Investors Bullish on Calumet Specialty?

    Heritage Group and Calumet are the top two investors in Calumet Specialty Products Partners (CLMT).

    By Rekha Khandelwal, CFA
  • uploads///analyst recom
    Earnings Report

    75% of Analysts Rate CVR Refining as a ‘Hold’

    CVR Refining (CVRR) has risen ~6% in 2018, while CVR Energy (CVI) has fallen ~5%.

    By Rekha Khandelwal, CFA
  • uploads///US Crude Oil Production
    Energy & Utilities

    Why US Crude Oil Production Is Bearish for Oil Prices

    US crude oil production hit 9.6 MMbpd (million barrels per day) in June 2015, the highest level ever.

    By Gordon Kristopher
  • uploads///weakest mlps
    Energy & Utilities

    NBLX, WGP, CLMT, CVRR: The Weakest MLPs in the Third Quarter

    Noble Midstream Partners (NBLX) stock fell significantly in August and September as Initiative 97 was started and then made it onto the Colorado ballot as Proposition 112.

    By Rekha Khandelwal, CFA
  • uploads///Gains
    Energy & Utilities

    Downstream MLPs among Top MLP Gainers Last Week

    US downstream MLPs, including Calumet Specialty Products Partners (CLMT), Alon USA Partners (ALDW), and CVR Refining (CVRR), were among the top five MLP gainers last week.

    By Kurt Gallon
  • uploads///diesel prices
    Macroeconomic Analysis

    Diesel Prices Remain on Downward Trajectory in Week of June 22

    According to the EIA’s Short-Term Energy Outlook released on June 9, diesel fuel retail prices will average $2.88 per gallon in 2015, and then rise to $3.04 per gallon in 2016.

    By Keisha Bandz
  • uploads///gasoline stocks
    Macroeconomic Analysis

    US Gasoline Inventories Surprise Markets: WTI Crude Takes a Hit

    The EIA (U.S. Energy Information Administration) reported that US gasoline inventories increased by 1.7 million barrels (or MMbbls) to 214.4 MMbbls in the week ended August 21.

    By Keisha Bandz
  • uploads///Return
    Company & Industry Overviews

    Integrated Energy and Refiners: Inside the Returns and Volatilities

    In the past five days, the Energy Select Sector SPDR ETF (XLE) has risen 2.3%, while the S&P 500 Index has risen 0.7%.

    By Rabindra Samanta
  • uploads///aldw wti and crack spread
    Company & Industry Overviews

    What Will Drive Alon USA Partners’ Stock in the Future?

    Alon USA Partners (ALDW) has had a correlation of 0.16 with the Gulf Coast 3-2-1 crack spread over the last year.

    By Rekha Khandelwal, CFA
  • uploads///refining mlps surged after trump win
    Company & Industry Overviews

    Refining MLPs Surge after Trump’s Victory: Which One Looks Best?

    Alon USA Partners (ALDW), CVR Refining (CVRR), and Calumet Specialty Products Partners (CLMT) have surged 17%, 22%, and 31%, respectively, since the start of November 2016.

    By Rekha Khandelwal, CFA
  • uploads///q ebitda estimates
    Earnings Report

    ALDW and CLMT Are Expected to Report Higher 2Q17 Earnings

    Refining MLPs Alon USA Partners (ALDW) and CVR Refining (CVRR) are both scheduled to report their 2Q17 earnings on July 27, 2017. Calumet Specialty Products Partners (CLMT) is scheduled to report its 2Q17 earnings on August 4.

    By Rekha Khandelwal, CFA
  • uploads///Gains
    Energy & Utilities

    These MLPs Rose More than 6.0% in the Week Ended September 29

    Upstream MLPs EV Energy Partners (EVEP), Mid-Con Energy Partners (MCEP), and Legacy Reserves (LGCY) rose 17.6%, 13.7%, and 11.8%, respectively, in the week ended September 29.

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Top MLP Losers in the Week Ending October 13

    EV Energy Partners (EVEP) continued to be among the top MLP losers in the week ending October 13. EV Energy Partners fell 17.8% during the week.

    By Kurt Gallon
  • uploads///refining mlps price performance
    Earnings Report

    Why CLMT and ALDW Have Risen despite Sector Weakness

    Price performance Shares of Calumet Specialty Products Partners (CLMT) and Alon USA Partners (ALDW) have risen nearly 5% year-to-date. In comparison, the Alerian MLP ETF (AMLP) has fallen 5% and the Energy Select Sector SPDR ETF (XLE), which represents the broader energy sector, has fallen 13%. CVR Refining (CVRR) has fallen 6% year-to-date. As the […]

    By Rekha Khandelwal, CFA
  • uploads///weekly US crude oil production
    Energy & Utilities

    Why Is US Crude Oil Production at a 2-Year High?

    The EIA (U.S. Energy Information Administration) estimates that US crude oil production rose by 79,000 bpd or 0.83% to 9,502,000 bpd on August 4–11, 2017.

    By Gordon Kristopher
  • uploads///RETURN
    Miscellaneous

    Integrated Energy and Refiner Stocks’ Returns and Volatilities

    In the last five days, China Petroleum & Chemical (SNP) rose the most among our integrated energy and refiner stocks with low implied volatilities.

    By Rabindra Samanta
  • uploads///diesel prices
    Macroeconomic Analysis

    Diesel Prices Slow Down Last Week

    An increase in diesel prices is positive for refiners such as Phillips 66 (PSX) and Marathon Petroleum (MPC), which produce diesel from crude oil.

    By Keisha Bandz
  • uploads///focus portfolio on high return
    Earnings Report

    Calumet Specialty’s Increased Focus on Specialty Products

    Calumet Specialty Products Partners (CLMT) announced that it completed the sale of its Superior refinery on November 8, 2017.

    By Rekha Khandelwal, CFA
  • uploads///AdobeStock_
    Fund Managers

    Fisher Asset: What Are Kenneth Fisher’s Investing Ideas?

    At the end of Q3, Fisher Asset’s total portfolio was worth around $91 billion. We’ll focus on Fisher Asset’s top holdings, buys, and sells.

    By Rabindra Samanta
  • uploads///top gainers
    Miscellaneous

    These MLPs Took June in Stride

    EQT GP Holdings (EQGP), the general partner of EQT Midstream Partners (EQM), was the top-performing master limited partnership in June.

    By Kurt Gallon
  • uploads///dist prod
    Macroeconomic Analysis

    Why Distillate Inventories Increased Last Week

    Distillate production decreased slightly in the week to June 19, to 4.97 MMbpd from 5.01 MMbpd the week before. Distillate products supplied were 2% higher than the same period last year.

    By Keisha Bandz
  • uploads///refining margins
    Earnings Report

    CVR Refining Fell 15% after 2Q17 Results, Refining Margin Hit

    Refining MLP CVR Refining (CVRR) reported its 2Q17 results on July 27. CVRR’s total crude oil throughput barrels per day increased to 213,841 in 2Q17 from 202,536 in 2Q16.

    By Rekha Khandelwal, CFA
  • uploads///Top gainers
    Basic Materials

    The Top MLP Winners of 2017

    The top three MLP gainers in 2017 were downstream MLPs Calumet Specialty Products Partners (CLMT), Alon USA Partners (ALDW), and CVR Refining (CVRR).

    By Kurt Gallon
  • uploads///Loss
    Energy & Utilities

    Last Week’s Worst-Performing MLPs

    Upstream MLPs including EV Energy Partners (EVEP), Mid-Con Energy Partners (MCEP), and Legacy Reserves (LGCY) were among the top MLP losers last week.

    By Kurt Gallon
  • uploads///refinery inputs
    Macroeconomic Analysis

    Why Did Crude Oil Refinery Inputs Fall in the Week of June 26?

    US crude oil refinery inputs averaged ~16.5 million barrels per day (or MMbpd) during the week ended June 26.

    By Keisha Bandz
  • uploads///DXY
    Energy & Utilities

    US Dollar Supported Crude Oil Prices Last Week

    The PowerShares DB US Dollar Bullish ETF (UUP) tracks the US dollar’s daily performance. It fell 0.33% to $24.21 on August 18, 2017.

    By Gordon Kristopher
  • uploads///Gains
    Basic Materials

    Best-Performing MLPs in the Week Ended July 13

    CVR Partners (UAN) rallied 9.7% in the week ended July 13, making it the top MLP gainer for the week.

    By Kurt Gallon
  • uploads///Gains
    Energy & Utilities

    EV Energy Partners Was the Top MLP Gainer Last Week

    EV Energy Partners (EVEP), Mid-Con Energy Partners MCEP), and Legacy Reserves (LGCY) led the MLP top gainers last week ending November 3.

    By Kurt Gallon
  • uploads///Return
    Miscellaneous

    Implied Volatilities of Integrated Energy and Refiners

    Among our high volatility companies, CVR Refining (CVRR) was the only gainer in the last five days.

    By Rabindra Samanta
  • uploads///clmts high leverage
    Company & Industry Overviews

    Calumet’s High Leverage: A Key Concern for Investors

    Currently, Calumet Specialty Products Partners’ (CLMT) net debt-to-equity ratio stands at an alarmingly high level of 4.1x.

    By Rekha Khandelwal, CFA
  • uploads///diesel prices
    Macroeconomic Analysis

    Diesel Prices Increase in the Week to April 27

    US On-Highway Diesel Fuel Prices this Monday, or April 27, were $2.811 per gallon. This represented an increase of ~1.1% from previous Monday’s (April 20) $2.78 per gallon, and a decline of ~30% from year ago levels.

    By Keisha Bandz
  • uploads///IV
    Miscellaneous

    Why Is the Crack Spread Fueling Volatility in Refining Stocks?

    As of October 6, 2016, Calumet Specialty Products Partners had the highest implied volatility among our list of integrated energy and refining companies.

    By Rabindra Samanta
  • uploads///anr
    Energy & Utilities

    Teekay Offshore Partners’ Upgrade Last Week

    Teekay Offshore Partners (TOO) was the only MLP to see a rating update last week. Let’s take a closer look.

    By Kurt Gallon
  • uploads///refinery inputs
    Macroeconomic Analysis

    US Refinery Inputs Down as Refiners Wind Down Operations

    In its weekly report on September 23, the EIA reported that US crude oil refinery inputs averaged 16.2 MMbpd (million barrels per day) during the week ending September 18.

    By Keisha Bandz
  • uploads///Gains
    Energy & Utilities

    MLP Winners Last Week

    Ferrellgas Partners (FGP), the MLP involved mainly in wholesale and retail propane distribution, was the top MLP gainer last week.

    By Kurt Gallon
  • uploads///IV
    Energy & Utilities

    Integrated Energy Companies and Refiners with High Volatility

    As of July 28, 2016, Calumet Specialty Products Partners (CLMT) has the highest implied volatility among integrated energy companies and refiners. Its implied volatility is 72.23%.

    By Rabindra Samanta
  • uploads///refinery input
    Macroeconomic Analysis

    Impact of Rise in US Refinery Inputs on WTI Crude Oil Prices

    In its weekly report on October 28, 2015, the EIA reported that US crude oil refinery inputs averaged ~15.6 MMbpd during the week ended October 23, 2015.

    By Keisha Bandz
  • uploads///analyst recom
    Miscellaneous

    Will CVR Refining Pay Distributions in 2017?

    Nearly 70% of analysts have rated CVR Refining (CVRR) as a “hold,” 20% rated it as a “buy,” and 10% rated CVRR as a “sell.”

    By Rekha Khandelwal, CFA
  • uploads///
    Energy & Utilities

    WTI-Bakken spread widened out last week, but still within $5/barrel range

    Last week, Bakken differentials to WTI widened by $1/barrel as a refinery using Bakken crude in its slate went down for maintenance.

    By Ingrid Pan
  • uploads///featured image
    Basic Materials

    CVR Refining Stock Up 7% in After-Hours Trading

    CVR Refining (CVRR) reported its third-quarter results on October 24 after the markets closed. The stock rose 7.2% in after-hours trading yesterday.

    By Rekha Khandelwal, CFA
  • uploads///Gains
    Energy & Utilities

    Top MLP Gainers in the Week Ending June 1

    Calumet Specialty Products Partners (CLMT) was the top MLP gainer in the week ending June 1. Calumet Specialty Products Partners rallied 23.9%.

    By Kurt Gallon
  • uploads///featured image
    Energy & Utilities

    CVR Refining Has Fallen 13% This Year: What’s Ahead

    In this series, we’ll look at CVR Refining’s recent performance and analyze its key indicators.

    By Rekha Khandelwal, CFA
  • uploads///Gains
    Basic Materials

    Last Week’s Top MLP Gainers: Calumet and More

    Calumet Specialty Products Partners (CLMT), a downstream MLP involved in the production of specialty fuels, was the top MLP gainer last week.

    By Kurt Gallon
  • uploads///p
    Energy & Utilities

    Energy Stocks Outdid Oil and the Broader Market Last Week

    On March 2–9, 2018, oilfield services stock Superior Energy Services (SPN) rose the most on our list of energy stocks.

    By Rabindra Samanta
  • uploads///CVRR
    Company & Industry Overviews

    Is CVR Refining’s 14% Yield Really Attractive?

    Based on its latest quarterly distribution annualized, CVR Refining (CVRR) is trading at a yield of ~14%.

    By Rekha Khandelwal, CFA
  • uploads///Loss
    Energy & Utilities

    Last Week’s Biggest MLP Losers: SMLP and More

    Summit Midstream Partners (SMLP), a midstream MLP mainly involved in crude oil gathering and processing and crude oil gathering, was the biggest MLP loser last week.

    By Kurt Gallon
  • uploads///featured image
    Earnings Report

    CVR Refining Announced Its 4Q17 Distribution of $0.45

    CVR Refining’s adjusted EBITDA for 4Q17 rose to $76.4 million from $27.7 million in 4Q16.

    By Rekha Khandelwal, CFA
  • uploads///Loss
    Basic Materials

    Top MLP Losers in Week Ended January 5

    Foresight Energy (FELP) was the top MLP loser last week. It fell 3.8% in a single trading session on Friday, January 5, 2018.

    By Kurt Gallon
  • uploads///whats behind arcxs recent rise
    Company & Industry Overviews

    Could These Top MLP Gainers Have Further Upside Potential?

    Arc Logistics Partners Arc Logistics Partners (ARCX) ranked last in the list of top ten MLP gainers in 2017. ARCX has risen nearly 3% year-to-date, whereas the Alerian MLP Index has fallen ~15%. It is also the third MLP in the list that is about to be acquired—the other two are Alon USA Partners (ALDW) and […]

    By Rekha Khandelwal, CFA
  • uploads///aldw outperformed peers
    Company & Industry Overviews

    Alon USA Partners Is the Third Top MLP Gainer This Year

    Acquisition by Delek Alon USA Partners (ALDW), the MLP formed by Alon USA Energy, stands third among top MLP gainers in 2017. ALDW has risen more than 40% year-to-date. Delek US Holdings (DK) completed the acquisition of Alon USA Energy in July 2017. On November 8, 2017, Delek announced the acquisition of all outstanding Alon […]

    By Rekha Khandelwal, CFA
  • uploads///Loss
    Basic Materials

    Top MLP Losers for Week Ended November 10

    EV Energy Partners (EVEP), an upstream MLP, was the biggest MLP loser last week, which ended on November 10, 2017. EVEP fell 25.5%.

    By Kurt Gallon
  • uploads///p
    Energy & Utilities

    These Stocks Were Biggest Losers in Energy Sector Last Week

    In the week ended November 10, 2017, upstream stock Cobalt International Energy (CIE) ranked first on our list of top energy losers.

    By Rabindra Samanta
  • uploads///net debt to capital
    Earnings Report

    Calumet Specialty Expects Lower Capital Spending in 2018

    According to Calumet Specialty Products Partners (CLMT), its pro forma net debt-to-total capital ratio after selling the Superior refinery is 76%.

    By Rekha Khandelwal, CFA
  • uploads///Gains
    Basic Materials

    Last Week’s Top MLP Gainers

    CVR Partners (UAN), the MLP mainly involved in the production of nitrogen fertilizers, was the top MLP gainer last week. CVR Partners rose 7.7%.

    By Kurt Gallon
  • uploads///ebitda by segment
    Company & Industry Overviews

    What’s Changing in Calumet Specialty’s Businesses?

    Calumet Specialty Products Partners (CLMT) carries its operations through three segments—Specialty Products, Fuel Products, and Oilfield Services.

    By Rekha Khandelwal, CFA
  • uploads///Loss
    Energy & Utilities

    Leading MLP Losers in Week Ended September 8

    USD Partners (USDP), which owns, acquires, and develops crude oil by rail terminals, was the top MLP loser last week. It fell 17.4%.

    By Kurt Gallon
  • uploads///top gainers
    Miscellaneous

    A Look at the Top-Performing MLPs in May 2017

    Alon USA Partners (ALDW), a downstream MLP involved in crude oil refining, was the best-performing MLP in May.

    By Kurt Gallon
  • uploads///performance by subgroup
    Miscellaneous

    Which MLP Subgroups Were the Biggest Losers during May 2017?

    Marine transportation MLPs fell ~13.5% during May 2017.

    By Kurt Gallon
  • uploads///top mlp loser
    Macroeconomic Analysis

    Which MLP Stocks Were the Biggest Losers of 2016?

    Memorial Production Partners (MEMP), an upstream MLP, was the top MLP loser in 2016. The partnership is set to announce bankruptcy very soon.

    By Kurt Gallon
  • uploads///cvrr rose  percent on sep
    Energy & Utilities

    Why CVR Rose 24% and Alon USA Fell 22% on September 16

    On September 16, CVR Refining (CVRR) closed 24% higher than its previous close. On the other hand, Alon USA Partners (ALDW) fell 22% the same day.

    By Rekha Khandelwal, CFA
  • uploads///integrated energy and refiners IV
    Energy & Utilities

    Integrated Energy Companies and Refiners with High Implied Volatility

    As of August 11, 2016, Alon USA Energy (ALJ) has the highest implied volatility among integrated energy companies and refiners.

    By Rabindra Samanta
  • uploads///broker recommendations
    Earnings Report

    What Will Drive Calumet Specialty’s Stock after Its 2Q16 Results?

    Of the analysts surveyed by Bloomberg, 73% rated Calumet Specialty Products Partners (CLMT) as a “hold” and 27% rated it as a “sell.” None of the surveyed analysts rated it as a “buy.”

    By Rekha Khandelwal, CFA
  • uploads///clmt underperformed peers in
    Earnings Report

    Why Calumet Specialty Has Underperformed Its Peers in 2016

    Refining MLPs generated positive returns in 2015 when the broader energy sector was in the red.

    By Rekha Khandelwal, CFA
  • uploads///gulf coast  crack spread
    Earnings Report

    How a Fall in Crack Spreads Impacted Calumet Specialty

    How do crack spreads impact refining MLPs? The average Gulf Coast 3-2-1 crack spread in 2Q16 was $11.30 per barrel. This is higher compared to an average of $8.90 per barrel in 1Q16 and $9.30 per barrel in 4Q15. The spread in 2Q16 was, however, lower compared to that in 2Q15. The average spread was $15.00 […]

    By Rekha Khandelwal, CFA
  • uploads///aldws cash available for distribution
    Company & Industry Overviews

    What Does ALDW’s Cash Available for Distribution Indicate?

    Alon USA Partners’ (ALDW) capital expenditures in 1Q16 were $8.1 million compared to $2.3 million in 1Q15.

    By Rekha Khandelwal, CFA
  • uploads///gulf coast  crack spread
    Energy & Utilities

    How a Fall in the Crack Spread Impacted Alon USA Partners

    The Gulf Coast 3-2-1 crack spread was $10.3 per barrel on July 11, 2016. The average spread in 2Q16 was $11.3 per barrel.

    By Rekha Khandelwal, CFA
  • uploads///forward distribution yield to distribution growth
    Company & Industry Overviews

    What Does Calumet’s Current Valuation Indicate?

    Currently, Calumet Specialty Products Partners (CLMT) is trading at a forward distribution yield of 0%. Its five-year average distribution yield is 11.5%.

    By Rekha Khandelwal, CFA
  • uploads///clmt institutional holdings
    Fund Managers

    Calumet: What Are Institutional Investors Thinking?

    Nearly 20.9% of Calumet’s floating shares are held by ~139 institutional investors. The percentage of float held decreased from nearly 24.2% at the end of 1Q16.

    By Rekha Khandelwal, CFA
  • uploads///clmt is down  percent ytd
    Company & Industry Overviews

    Calumet Specialty Products Partners Has Fallen 75% in 2016

    So far, Calumet Specialty Products Partners (CLMT) has fallen 75% in 2016. It has underperformed its peers in 2016.

    By Rekha Khandelwal, CFA
  • uploads///IV
    Miscellaneous

    Implied Volatility for Integrated Energy Companies and Refiners

    As of June 16, 2016, Calumet Specialty Products Partners (CLMT) had the highest implied volatility figures among integrated energy companies and refiners.

    By Rabindra Samanta
  • uploads///clmts one year returns
    Earnings Report

    Why Calumet Specialty Products Partners Has Fallen 38% in 2016

    Calumet Specialty Products Partners (CLMT) has fallen 38% so far in 2016. It has generated total returns of -46% over the last year.

    By Rekha Khandelwal, CFA
  • uploads///U
    Macroeconomic Analysis

    Lower Gasoline Demand Sent Prices Down

    According to the EIA’s Weekly Petroleum Status report, US gasoline demand was 8.9 MMbpd (million barrels per day) for the week ended January 22.

    By Manu Milan
  • uploads///U
    Macroeconomic Analysis

    Refinery Inputs Have Declined, but What Does that Really Mean?

    US crude oil refinery inputs averaged 16.2 MMbpd during the week ending January 15, 2016. This represents a decrease of 233,000 bpd.

    By Manu Milan
  • uploads///refinery inputs
    Macroeconomic Analysis

    US Refinery Inputs Up in Week Ended October 30

    In its weekly report on November 4, 2015, the EIA reported that US crude oil refinery inputs averaged more than 15.6 MMbpd during the week ended October 30. This was a rise of 21,000 bpd.

    By Keisha Bandz
  • uploads///CLMTs distribution per unit
    Earnings Report

    Why Calumet Specialty Products Partners’ Distributions Are Flat

    On October 23, 2015, Calumet Specialty Products Partners declared a quarterly distribution of $0.69 per unit.

    By Rekha Khandelwal, CFA
  • uploads///YMLP returns
    Macroeconomic Analysis

    All Major MLP Securities Gained Last Week, but YMLP Fell

    The Yorkville High Income MLP ETF (YMLP) fell 1.5% in the week ended October 2. For context, the broad market SPDR S&P 500 ETF (SPY) rose 1.1%, and the Energy Select Sector SPDR ETF (XLE) rose 2.4%.

    By Rekha Khandelwal, CFA
  • uploads///YMLP returns
    Macroeconomic Analysis

    The YMLP ETF Outperformed the Broad MLP Index AMZ Last Week

    The Yorkville High Income MLP ETF (YMLP) rose 9% in the week ended August 28. For context, consider that the broad-market SPDR S&P 500 ETF Trust (SPY) rose 0.7%.

    By Rekha Khandelwal, CFA
  • uploads///YMLP returns
    Macroeconomic Analysis

    YMLP Outperformed Broad-Market ETF SPY in Week Ended August 14

    The Yorkville High Income MLP ETF (YMLP) rose 3.7% in the week ended August 14. YMLP tracks the Solactive High Income MLP Index, also called the YMLP index.

    By Rekha Khandelwal, CFA
  • uploads///ymlp returns compared to index sector and broad market
    Macroeconomic Analysis

    Why Did the YMLP ETF Fall Last Week?

    The Yorkville High Income MLP ETF (YMLP) dropped 7.69% in the week ended August 7. The broad-market SPDR S&P 500 ETF (SPY) dropped 1.2%.

    By Rekha Khandelwal, CFA
  • uploads///gasoline stocks
    Macroeconomic Analysis

    Gasoline Inventories Rise in June 12 Week: More Bad News for WTI

    The EIA reported that gasoline inventories rose by 0.5 MMbbls to 217.8 MMbbls in the week to June 12. Analysts expected inventories to fall by 800,000 barrels.

    By Keisha Bandz
  • uploads///distillate stocks
    Macroeconomic Analysis

    Distillate Inventories Declined Last Week: Broke Month-Long Trend

    The EIA released its Weekly Petroleum Status Report on Thursday. Distillate stocks increased by 1.1 MMbbls last week to 128.8 MMbbls in the week ending May 22.

    By Keisha Bandz
  • uploads///gasoline
    Macroeconomic Analysis

    Higher Gasoline Inventories in the Week Ended April 24

    While both gasoline production and demand decreased last week, a decrease in demand seems to have had a more pronounced effect on inventories than changes in production.

    By Keisha Bandz
  • uploads///GASOLINE PRICES
    Macroeconomic Analysis

    Gasoline Prices Continue Uptrend in Week to April 27

    US regular gasoline prices on Monday, April 27, were $2.57 per gallon. This was an increase of 3.4% from the previous Monday and a decline of ~31% from last year’s level.

    By Keisha Bandz
  • uploads///distillate stocks
    Macroeconomic Analysis

    Slight Rise in Distillate Inventories in Week Ending April 17

    Distillates are an important group of fuels for transportation and heating purposes. Distillate demand also drives crude demand and crude prices.

    By Keisha Bandz
  • uploads///gasoline stocks
    Macroeconomic Analysis

    Gasoline Inventories Declined in the Week Ending April 17

    The EIA reported that gasoline inventories decreased by 2.1 MMbbls to ~225.7 MMbbls in the week to April 17. Analysts expected inventories to decline by 1 MMbbls.

    By Keisha Bandz
  • uploads///P RefCo
    Macroeconomic Analysis

    Calumet Specialty and PBF Energy: Top Refining Movers Last Week

    The biggest refining gainer in the week ended April 10 was Calumet Specialty Products Partners (CLMT). It gained ~8%.

    By Manas Chowgule, CFA
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