Following gains established during the previous session, Sky Quarry Inc. (NASDAQ:SKYQ) stock is now down.
• What’s next for SKYG stock?
Sky Quarry is an integrated energy solutions company, created to address the environmental issues caused by the landfill disposal of waste asphalt roofing shingles. The company uses an established oil extraction technology.
Crude Oil Price Dynamics
Crude oil pulled back toward $89 per barrel on Friday, while maintaining an approximate 10% gain for the week as market participants evaluated geopolitical risks affecting global supply lines.
Nasdaq futures are up 0.08% while S&P 500 futures have gained 0.20%.
Military operations continued as the U.S. conducted a 13th consecutive day of strikes against targets in Iran, with both parties ruling out near-term negotiations. President Donald Trump threatened “major military punishment” against Iran and the Houthis regarding potential future attacks on Red Sea maritime traffic, stating he was considering a “massive attack” on Iran, according to Trading Economics.
These statements followed attacks on two Saudi oil tankers in the Red Sea. Consequently, Asian buyers initiated discussions regarding the rerouting of Saudi crude shipments via the Suez Canal and around Africa. Furthermore, the Caspian Pipeline Consortium suspended crude loadings at its Black Sea terminal following tanker attacks, disrupting approximately 80% of Kazakhstan’s oil exports.
Short Interest Position Metrics
Short interest in Sky Quarry grew during the recent reporting period, increasing from 467,520 to 672,000. This change represents 14.74% of the company’s publicly available stock sold short. Given the recent average daily trading volume of 36.22 million shares, short position holders would require one day to cover their positions without creating upward price pressure.
SKYG Stock Price Activity: SKYG shares were down 10.99% at $5.02 at publication on Friday, according to Benzinga Pro data.
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