As we board members know, when oil takes a hit, so it goes with all things oil-related. We deplore the fact that it makes no sense as refiners may do exceedingly well in an oil pricing-challenged environment. Yet perhaps it's our consternation that is really at fault. This is a leading consideration for me, part of my daily routine that has me asking:
"Who am I to presume I know all, understand all?"
And so it is that I can be a rudderless ship at times. That is likely a meaningful part of what it is that has me so thoroughly enjoying this troubled market lacking much by way of patterns.
Yet there are sparks of intelligence here, too. Some posters point to historical post-distribution drops in unit prices. And with that, there's a large body of NTI-aware investors who have been predicting a chamber of horrors due NTI. In no small way, some of this is predicated on WNR's having moved towards gaining full control and ownership of NTI. However, it hasn't happened just yet. And NTI's unit valuation has remained conspicuously higher, proportionately, than have CVRR's and ALDW. In fact, both of those others are bleeding at the moment... $19.505 for CVRR and $20.63 for ALDW.
For the moment I believe NTI is less a target than the others. What I can't say at this juncture is how that may become meaningful in the short term, mid or longer. Frankly, I'm not convinced we need to know it, either. I think it's important that we remain confident within ourselves as we attempt to navigate through these troubled waters.
Your thoughts would mean a great deal at this point in time!
