Hermitage Offshore Services Blasts Off While Natural Gas and Crude Oil Surge

Almost 2% growths occur in natural gas and crude oil (WTI) prices hence a hope in rising revenue comes to energy companies that are hard hit on many fronts. One of the directly linked companies to oil and gas, and logistics, Hermitage Offshore Services (PSV) is facing a skyrocketing rise in its stock NYSE: PSV after announcing a forbearance agreement with the lenders to its $132.9 million term loan facility.

Other service offering companies like Valaris grew 7.28% and Exxon Mobil surged 3.12% on Friday along with many stocks which went up due to good news regarding remdesivir’s positive effect on COVID-19 infected patients.

This news might give a temporary bounce to all stock markets. On upcoming Monday investors may see a plunge in several indexes.