Sky Quarry Inc. (NASDAQ:SKYQ) shares are retreating Monday morning. The stock is undergoing a “cool off” phase. This follows a massive rally during the previous session. On Thursday, shares surged 101%.
Nasdaq futures are up 0.40% while S&P 500 futures have gained 0.10%.
Nevada Supply Talks Drive Momentum
The initial spike followed news regarding the Foreland Refinery. Sky Quarry announced discussions with Nevada crude producers. They aim to boost local production. CEO Marcus Laun noted, “Nevada is one of the most import-dependent fuel markets in the country.”
Macro Headwinds and Oil Prices
Energy markets remain volatile, with Brent crude recently trading near the $110 per barrel level. Elevated prices have supported the economics for regional refining, although oil futures were modestly lower in early Monday trading.
Company Context
Sky Quarry is a development-stage oil-producing and refining company focused on recycling waste asphalt shingles and remediating oil-saturated soils.
The idea is to turn hard-to-dispose waste into refined crude oil products, which can reduce landfill use and lessen reliance on virgin crude sources.
Operationally, the company reports a single segment—refined crude oil—and produces products like Diesel, Liquid Asphalt, Vacuum Gas Oil (VGO), and Naphtha.
For investors, that means the story tends to hinge on execution: scaling the recycling/refining process, product demand, and the economics of converting waste streams into sellable fuels and industrial inputs.
SKYQ Price Action: Sky Quarry shares were down 5.94% at $4.79 at the time of publication on Monday, according to Benzinga Pro data.
Image via Shutterstock
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