In general refinery runs have been at very high rates for the past 4 weeks....I don't know why the insiders are buying
but the current price is well below the 15 million secondary @$27 plus an MLP has been approved by the board and the registration for same has already been filed. Is it better than expected earnings ? An MLP announcement ? Or just buying on the cheap ? Who knows....but I do know having key insiders buying is a good thing...not a bad thing. GLTA
CNBC just had a piece on refiners. All the oil being produced in the USA will be a winfall for our refiners. Also big money exporting gas do to other countries restrictions,capabilities etc. Buy when others are fearful I guess.
They're all exporting because RIN's don't apply to exported finished products....so why sell unblended product in the USA and have to buy RIN's at sky high prices when you can sell it into the export market? I figure something is going on for the insiders to be buying. GLTA