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Six Bravo's avatar

Thanks for the article, as always. We agree with your calculation that this sector has room to move.

Yesterday we posted about Icahn, and briefly mentioned CVI and it’s potential spin-off of UAN. It’s an intriguing setup.

https://specialsituationinvesting.substack.com/p/six-reasons-to-consider-riding-carl

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Tunco's avatar

One point to add is that it is very difficult to build a refinery in America, so adding capacity to address high crack spreads is not going to happen. Given the capacity constraints, there is a risk of supply shocks which add to the risk premium.

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