The conventional wisdom that rising oil prices often pinch refining equities is holding true this year as the VanEck Vectors Oil Refiners ETF (NYSE: CRAK) is off nearly 5.6 percent. That compares with a year-to-date gain of 11.4 percent for the Energy Select Sector SPDR (ETF) (NYSE: XLE), the largest equity-based energy exchange-traded fund.
Refiners And The Energy Downturn
For a good part of the energy sector's downturn, refiners were widely heralded as the sector's lone bright spot. As major integrated oil names, exploration and production equities and oil services stocks plunged, refiners looked good by comparison.
With crack spreads — a refiner's profit from turning crude into a finished, usable product — coming under pressure, CRAK and its constituents are finally being pinched more ...
/www.benzinga.com/news/16/06/8106459/short-sellers-lay-into-some-of-this-etfs-holdings alt=Short Sellers Lay Into Some Of This ETF's Holdings>Full story available on Benzinga.com
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