Why Oil Tanker Stocks Jumped Today

  • Date: 22-Apr-2020
  • Source: The Motley Fool
  • Sector:Oil & Gas
  • Country:GCC
  • Who else needs to know?

Why Oil Tanker Stocks Jumped Today

The most notable moves were by Nordic American Tankers ( NYSE:NAT ) , Tsakos EnergyNavigation ( NYSE:TNP ) , Scorpio Tankers ( NYSE:STNG ) , and both TeekayTankers ( NYSE:TNK ) and Teekay Corporation ( NYSE:TK ) .. Today's positive move for oil tanker stocks came as oil prices started the day trading as low as negative $40 per barrel, the second day in a row that prices were negative.. The only challenge would be finding a place to store the oil for two months, which is where oil tankers come in .. Reuters recently reported that 160 million barrels of oil are already parked on oil tankers, double from two weeks ago, as traders started storing cheap oil for future sale.. I wouldn't jump into tanker stocks today, and energy stocks in general are going to be very volatile for the foreseeable future.. Traders may have been buying tanker stocks today, but I would be running in the other direction given what's likely coming.. Why Oil Tanker Stocks Jumped Today @themotleyfool #stocks $NAT $STNG $TNK $TNP $TK.