Keep shorting punk gasoline is still a reality here in the miswest and cvrr has the best ceo on the planet to guide them through this storm. You will lose unless you cover now.
The piper jaffray downgrade was a hit piece a $3 price target is ridiculous. They based it on an east coast refinery private valuation that was distressed and no one wants. Cvrr is padd 2 and they are far from distressed
If you're short you should probably cover unless you want to pay the real distribution when you realize you are wrong.
Do you know full output of the coffeeville refinery? Do you know the crack spread? Do you know that their maintenance is complete?
Yes i do as a matter of fact here is my reference and before you spout off in the future maybe you should research first. www.howardweil.com › docs › reports look for the weekly refining indicators report. Since you know so much I'm sure you already realize cvrr is padd 2 region 3 and they refine wti
what makes you think it gets under $6? You stated you saw a technical bottom @ $10. Is technical analysis really what you're relying on? Or is it the recommendations of these analysts who don't even know what PADD region CVRR produces in?
Does he think they are using gulf coast spreads as well? Did he even research it? Does he know what padd group they are in?
You can look for yourself google wti crack spread and there is a page returned near the top that is a pdf from howardweil.com of refining indicators. They update it weekly
additionally I feel you are missing the main reason cvrr had no payout for the prior two quarters was primarily the turnaround expenses.
also not that it matters since this isn't what cvrr uses but the gulf coast 3-2-1 average $11.23 for the quarter. In 1q16 it averaged $9.22 and in 4q15 it averaged $9.28