CVR ENERGY, INC. (CVI): Reuters: Icahn-backed CVR Energy made bi...

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Re: Sage7243 post# 41

Wednesday, 04/12/2017 9:39:27 PM

Wednesday, April 12, 2017 9:39:27 PM

Reuters: Icahn-backed CVR Energy made big bet against biofuels credits

Carl Icahn's oil refining company, CVR Energy (CVI, CVRR), made a massive bet last year that prices for U.S. government biofuels credits would fall, just before Icahn started advising Pres. Trump on regulations driving that market, Reuters reports.

Icahn's firm positioned itself to cut regulatory costs by tens of millions of dollars if biofuels credit prices fell, according to the report, which draws upon CVR filings with the SEC and interviews with two brokers involved in the firm’s trading of biofuels credits.

The specifics of the gamble involving $186M worth of biofuels credits were not previously reported by the media, Reuters says.

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