Why Calumet Stock Topped the Market Today
Yahoo Finance ·
Oil products specialist Calumet ( CLMT +3.01% ) had some very positive, fundamentals-boosting news to report on Tuesday, and investors were there for it. They eagerly snapped up shares of the company, sending Calumet stock up 3% in a trading session that saw the bellwether S&P 500 index slump by 0.7%. Calumet announced that the U.S. Environmental Protection Agency (EPA) notified it on Monday that the company had received full exemptions on two of its refinery petitions. These cover the operations of those facilities in the 2025 compliance year. The EPA mandates oil refiners in this country to blend certain minimum amounts of renewable fuels as part of their operations -- or purchase credits called renewable identification numbers (RINs) if they are unable to do so on their own. Yet under the agency's small refinery exemption rules, companies such as Calumet can be freed from these requirements for certain periods. So whenever the company isn't on the hook to either produce those fuels or buy credits to compensate, its financials benefit, at times, strongly. The exempted period is one of those times, as Calumet said it'll be able to remove 71 million RINs from its balance sheet, leaving a total of 129 million RINs valued at around $309 million in total.
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