GLOG - Why GasLog Stock Dropped a Sharp 17% Today
Shares of liquified natural gas (LNG) shipper GasLog (NYSE: GLOG) fell as much as 17% on Jan. 20. There didn't appear to be any company-specific news that would lead to the drop, however a change in direction in Asia likely pushed investors to be a bit more cautious.
GasLog helps to move LNG around the world. Depending on demand, the day rate for ships can be quite volatile. Over the last couple of weeks a cold spell in Asia has resulted in a drawdown in LNG supplies in the region. As traders looked to replenish their inventories LNG prices spiked and, along with them, the cost of shipping it. That is good news for companies like GasLog and investors bid the stock up.
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Why GasLog Stock Dropped a Sharp 17% Today