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TNK - Why DHT Holdings Frontline and Teekay Tankers Stocks Are Up 10% Today
Teekay Tankers Ltd.
Oil prices went haywire today, plummeting far below the lowest prices on record, and actually ending at negative levels. By close of trading Monday, the futures contract price for WTI crude to be delivered in May was negative $18.15 per barrel.
And yet, oil tanker stocks soared. By the closing bell, crude oil shipper DHT Holdings(NYSE: DHT) had risen 7.5% (after being up more than 12% earlier in the day), and the stock of Frontline (NYSE: FRO) was up 12.7%. Topping them both was Teekay Tankers (NYSE: TNK), up 20.6%.