With cash generation so important for Calumet Specialty Products (CLMT), we are updating our financial estimates for the company. Separate fourth- and first-quarter estimates for the Fuels and Specialty businesses are included. We end with our cash flow estimate by quarter.
Fuels fourth and first quarter
In the past, estimates for Fuels were calculated by comparing past known quarters with changes in key spreads. We generated the following table for calculating differences.
The next table contains the spread averages for the third quarter and by month for the fourth quarter.
* September was