Euronav Gaining Momentum From Oversupply of Oil

With a recent glut of oil supply globally and contracts expiring, producers are looking for storage options. Euronan, a leading oil and gas shipping company, is poised to reap the benefits of the oil oversupply. Several producers will need to take possession of their oil. Since storage is at capacity the only option is to pay for floating storage. Euronav can increase the price for oil storage based on market demand and will stand to benefit immensely. This is a short-term play as oil demand and supply will eventually self correct.

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Euronav Gaining Momentum From Oversupply of Oil

Jun 14, 2020

bullish

general Analysis

[< 1 min Read]

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With a recent glut of oil supply globally and contracts expiring, producers are looking for storage options. Euronan, a leading oil and gas shipping company, is poised to reap the benefits of the oil oversupply. Several producers will need to take possession of their oil. Since storage is at capacity the only option is to pay for floating storage. Euronav can increase the price for oil storage based on market demand and will stand to benefit immensely. This is a short-term play as oil demand and supply will eventually self correct.
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EURN

Euronav NV

12.57

-0.20
-1.57%

Return

-
Position Return %
0.00
Position Return
9.97
Price When Posted

Metrics

13.00
Target Price
2/ 10
Confidence
1-2 Weeks
Timeframe
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Earnings Release
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News
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SEC
Filing
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Sentiment
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