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CVR Energy reported a first-quarter 2020 net loss of $87 million on net sales of $1.1 billion, with negative EBITDA. The company cited the crude oil price war, a Coffeyville turnaround and COVID-19 refined product demand destruction, and cut its dividend to 40 cents per share.
Refined product demand destruction and refinery run cuts reduce diesel output and point to weaker diesel prices, which also weigh on the cost structure for feed transport.
einpresswire.comMay 7, 2020After 79 past bearish macro events, ULSD / Diesel moved a median -1.0% over 5 sessions (39% higher; middle half -5.7% to +1.7%), and -1.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
