ts been close to 90 days of downward momentum...is it the cost of oil that is dropping concurrently...for all the top ratings and well run financials of this company, it seems odd that it keeps heading downward. Basically since the last X date 90 days ago...thoughts?
"is it the cost of oil that is dropping concurrently"
on the contrary, most of the refiners have been declining in price (and seeing reduced profit margins and analyst downgrades) along with the RISE in WTIC and closing of the Brent-WTIC spread, which tends to reduce the crack spread since gasoling prices are more closely tied to world prices.
All refiners are down because the crack spread has been squeezed (tightened, reduced). In general, refiners do better with a wide crack spread. CLMT is just being treated as one of the refiners; plain an simple. If there earnings next week reflect the tightened crack spread the pain may get worse. I'm long and look at CLMT as more than a refiner, with a sizable distribution.