The Brent-WTI crude oil spread was $3.78 per barrel on July 16, down from $4.22 per barrel on July 9. The Brent-WTI spread dropped ~10.4% from July 9 to July 16.
US distillate inventories fell by 3.8 MMbbls or 2.7% to 139.2 MMbbls on January 5–12, 2018. The inventories fell by 29.9 MMbbls or 18% from a year ago.
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 […]
Biggest MLP losers of February 2017 CVR Partners (UAN), the MLP formed by CVR Energy (CVI) to own and operate its nitrogen fertilizer business, was the worst performing MLP last month. The huge decline in UAN’s stock price can be mainly attributed to its weak 4Q16 earnings. UAN’s 4Q16 earnings were negatively impacted by lower […]
CVR Refining’s implied volatility rose 2.1% on January 23, 2017. The stock rose 1.8%. Goldman Sach increased its target price on the stock to $12 from $7.
As of July 28, 2016, CVR Energy (CVI) has the highest short interest–to–equity float ratio among integrated energy and refiner stocks. Its ratio is 29.0%.
Icahn Enterprises’ segments invest in businesses that they believe to be undervalued. The company has strong financial muscle to park its permanent capital.
Hedge fund investors David Einhorn and Carl Icahn placed massive bets on energy, which has proven to be a costly mistake so far. Oil has fallen from more than $100 per barrel in the summer of 2014 to its present ~$40 per barrel levels.
OPEC’s monthly oil market report showed that crude oil production increased by 810,000 bpd to 30.79 MMbpd. The increased production was led by Saudi Arabia.
