The Dow jumped 829 points Friday on shockingly high U.S. jobs numbers. Even in the topsy-turvy world of tanker stocks, where good news can often be bad news, equities ended green across the board.
Tanker stocks posted low- to mid-single-digit gains on below-average trading volumes. Nordic American Tankers (NYSE: NAT) rose by 7.8%, Teekay Tankers (NYSE: TNK) by 6.1%, International Seaways (NYSE: INSW) 5.8%, Scorpio Tankers (NYSE: STNG) 5.5%, DHT (NYSE: DHT) 4.1%, Frontline (NYSE: FRO) 2.6% and Euronav (NYSE: EURN) 0.6%.
The fact that tanker stocks rose at all could be considered a victory, given rising concerns over oil-production cuts and floating-storage destocking. Evercore ISI analyst Jon Chappell told FreightWaves that Friday’s gains for tanker stocks “despite the looming OPEC meeting and the [oil] price shift toward backwardation” were “almost certainly” the result of “short covering amid ‘risk on’ as the market ripped 900 points”…
View entirety: Freightwaves