Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of oil refiner CVR Energy (NYSE: CVI) jumped as much as 11% today on moderately high volume.

So what: This was the second 10% spike in the past week or so, the first being fueled by a fantastic earnings report. The trigger event is more somber this time: The earthquake in Japan damaged the refining operations in one of the oil-thirstiest economies in the world and sent rival refinery stocks soaring -- led by CVR Energy.

Now what: The move may seem counter-intuitive -- after all, hurricanes in the Gulf of Mexico usually send oil prices higher rather than lower, and this situation doesn't look very different. But we Yankees produce and refine much of our own oil, while Japan has to import most of what it needs, and this calamity may lower the Japanese demand for the end product. Refining profit margins, also known as crack spreads, are rising across the board today, and rivals Western Refining (NYSE: WNR) and Tesoro (NYSE: TSO) aren't far behind.

Interested in more info on CVR Energy? Add it to your watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.