Stock Alert: Teekay Tankers Rises 10%

(RTTNews) - Shares of Teekay Tankers Ltd. (TNK) are rising more than 10 percent or $2.42 in Tuesday's morning trade at $26.45. There have been no company-specific news to influence the stock.

However, oil shipping companies' stocks are seeing strong gains in recent sessions despite the recent plunge in crude oil prices. The cheaper oil prices are seen as leading to increased demand for the commodity after the various restrictions around the world due to the coronavirus pandemic end. Oil tankers are being used to store oil to meet future demand amid the lack of crude oil storage, and are now seeing increased demand.

Canada-based Teekay Tankers is a provider of marine transportation services to oil industries. The company is an operator of mid-sized tankers including suezmax, aframax, and long range two or LR2 vessels.

U.S. stocks opened sharply lower on Tuesday amid continued concerns about yesterday's historic plunge in crude oil prices and its impact on the already hard hit U.S. energy industry. The price of crude oil for May delivery showed a notable rebound on Tuesday, but remains negative after plummeting below zero for the first time ever on Monday.

Teekay has traded in a range of $7.68 to $26.64 in the past 52 weeks.