CVR Energy delivered strong results for the second quarter 2019, primarily attributable to safe and reliable operations, lower Renewable Identification Number prices, higher crack spreads
and increased fertilizer sales volumes and pricing," said Dave Lamp, CVR Energy's Chief Executive Officer.
"On top of this, refining margins and product crack spreads
have recently been falling, even while crude prices were falling sharply too.
High Volatility Sector: Refining remains one of the most cyclical of corporate sectors, and is subject to periods of boom and bust, with sharp swings in crack spreads
over the cycle.
What can we learn from the history of gasoline crack spreads
?: Long memory, structural breaks and modeling implications.
"We foresee a scramble for middle distillates that will drive crack spreads
higher and drag oil prices with it," wrote Morgan Stanley analysts including Martijn Rats.
Therefore, a large block of graphite surrounded by the crack sheds, as shown in Figure 7, where the crack spreads
downward in the direction of the indentation in the initial stage and then propagates gradually toward the free surface of specimen.
However, significant increase in crude oil prices has the potential to slow down global demand growth, which could also adversely impact global crack spreads
US gasoline futures crack spreads
, an indication of refining profits, remain at seven-year seasonal lows as inventories hover above the five-year average.
The positive performance of the middle of the barrel, amid stronger demand and falling inventories, allowed gasoil crack spreads
to show a sharp recovery.
The crack spreads
into a quake by Thursday, for it is weekend eve and DEAR GOD JUST GET ME A FUNNEL AND SOME WHITE WINE.
Strong gasoline demand ahead of the US driving season lent support to crack spreads
at the top of the barrel; however, middle distillates were pressured by higher refinery runs in the US Gulf Coast amid increasing inflows from Europe.