Oil-storage tanks are seen from above in Carson, California, April 25, 2020 after the price for crude plunged into negative territory for the first time in history on April 20.
Robyn Beck | AFP | Getty Images
(This story is for CNBC PRO subscribers only.)
The world is running out of places to store oil as the coronavirus pandemic continues to sap demand for crude, and for companies that still have access to storage there could be upside ahead, according to research firm CFRA.
"Firms with available storage space are going to fetch strong pricing, given too many producers are seeking places to shelve unneeded crude," analyst Stewart Glickman said in a recent note to clients.
West Texas Intermediate for June delivery traded around $13 on Tuesday. Prices on longer-dated futures contracts were significantly higher, meaning producers have a "huge incentive" to store oil.
As producers scramble to find storage, Glickman said these are the names that could benefit:
"looking" - Google News
April 29, 2020 at 01:09AM
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Oil producers are looking for storage and these stocks could benefit, according to CFRA - CNBC
"looking" - Google News
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