Why Teekay, Scorpio, and Nordic American Tanker Stocks Are Up 10% Today
Oil prices are on the rocks today, plummeting to the lowest prices on record. And yet, oil tanker stocks are performing admirably in early-afternoon trading Monday.
As of 1 p.m. EDT, shares of crude oil shipper Teekay Corporation (NYSE: TK) remain up 6.4% (after being up twice that earlier in the day). Scorpio Tankers (NYSE: STNG) stock is up 7%, and Nordic American Tanker (NYSE: NAT) is holding on to a 6.3% gain -- both also coming down a bit off of their earlier highs of the morning.
Why?
Source Fool.com
