CVR Energy is Likely to Benefit from an Improving Refining Environment - the Stock Breaks out of a cup with Handle Formation!
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CVR Energy is an oil refining company, with the stock reacting positively to news of Israeli air strikes in Qatar against senior Hamas leaders on September 9. The company benefits from the difference between the cost of crude oil and the selling price of refined products like gasoline, diesel, and heating oil (Crack Spreads). It is the rising Crack Spreads that indicate the company could show a significant margin improvement in the third quarter. The second quarter numbers released on July 31st led to better-than-expected revenue. However, there...
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