Investors shorting CVR as Icahn’s attempt to short RIN market fails

In Texas, in response to expectations that Carl Icahn made a bad bet against his influence on the Trump administration and the shifting of the point of obligation under the Renewable Fuels Standard, investors have been lining up short positions on CVR’s stock for the past three months, equal to about one-third of the stock not held by Icahn. CVR has deferred $275 million worth of RIN buys for 2017, a good move in March when RINs were 33.5 cents but have since soared to 89 cents.