Why Tsakos Energy Navigation Stock Rocketed Out of the Gate on Tuesday [The Motley Fool]
Tsakos Energy Navigation Ltd Common Shares (TNP)
Last tsakos energy navigation ltd common shares earnings: 3/24 08:00 am
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Source: The Motley Fool
What happenedShares ofTsakos Energy Navigation(NYSE:TNPthe energy sectorSo whatThe story here actually goes back at least a decade, to when U.S. oil production started a dramatic ascent. But there's no need to go back quite so far, because the big picture is fairly easy to understand. The world entered 2020 with an abundance of oil. OPEC has been trying to balance that against demand, but it hasn't been going very well. In fact, OPEC ended up ina price war with Russiahashing out an agreementCOVID-9Image source: Getty Images.With supply high and demand falling as economies around the globe effectively shut down, oil has started to pile up in storage. The problem is that there's only so much oil storage in the world. Once that space is filled, companies have to get creative. That includes hiring the ships that normally transport oil, like Suezmax tankers, to be floating oil storage units. Tsakos Energy Navigation owns a large fleet of oil tankers, so it is set to benefit from the need t
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