Why Torm Stock Just Dropped 29%
The crazy oil market dynamics of the past few days have had some pretty strange effects on a number of stocks -- not least the oil shippers. With oil prices going negative, demand for storage space for oil shipping, and for tankers in which to store oil until prices get back to normal, has exploded, sending shares of oil tanker stocks flying, both here and abroad.
Case in point: Shares of UK-based tanker operator Torm (NASDAQ: TRMD) ran up more than 78.5% between Friday and close of trading Tuesday. But today, those same shares are tumbling -- down 29% as of 11:45 a.m. EDT.
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Source Fool.com
