Why Frontline, Tsakos Energy, and Nordic American Tanker Stocks Dropped 10% (And More) Today
Like a globe-spanning seesaw, oil prices went up today, and oil tanker stocks went down. As of 11:20 a.m. EDT, shares of Frontline Ltd. (NYSE: FRO) are down 9.5%, Tsakos Energy Navigation (NYSE: TNP) is down 15.1%, and Nordic American Tankers (NYSE: NAT) has dropped 15.9%. According to the oil price trackers at OilPrice.com, barrels of West Texas Intermediate Crude oil due for June delivery cost $16.30 a barrel -- that's 32% more today than they cost yesterday.