Euronav NV EURN, Frontline Ltd FRO and PBF Energy Inc PBF shares are all trading sharply higher going into the close of Monday's session. Shares of energy companies at large are trading higher amid an increase in the price of oil.
The surge in the price of oil is likely a ripple effect of the recent G7 price cap on Russian oil, as well as last week's Keystone pipeline oil spill.
Per a report by CNBC, the Keystone Pipline failure occurred last Wednesday nearby Washington, Kansas. Experts say an estimated 14,000 barrels of crude, or 588,000 gallons of a form of crude known as tar sands oil, into a nearby natural waterway.
NBC says the Biden administration has ordered the closure of the pipeline until the situation can be remedied.
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- EURN is trading higher by 11.12% to $19.79
- FRO is higher by 10.44% to $14.17
- PBF is higher by 10.68% to $36.06
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