SKYQ Stock Is Up Nearly 400% In April – Can It Sustain The Rally?

• Oil production and energy solutions firm Sky Quarry reported its best week on record, surging about 146% for the week ending Apr 10.
• California refinery closures and US-Iran tensions have caused investors to shift attention to US-based oil refiners and producers.
• Retail sentiment on Stocktwits for SKYQ was bullish, with extremely high message volumes. 

Sky Quarry (SKYQ) surged nearly 40% pre-market on Monday and putting the stock on track for its fifth consecutive session of gains as investors shift their attention to U.S. oil refiners and manufacturers amid the intensifying U.S.-Iran war, which is pushing Brent crude prices higher. 

The move follows a record-setting week for the Nevada-based energy firm, which saw its shares surging 146% in the week ending Apr 10, amid rising global supply risks.

Broader U.S. stocks slid in Monday’s premarket session after the U.S. said it would begin a blockade of ships entering or leaving the Strait of Hormuz, after U.S.-Iran ceasefire talks in Pakistan ended without an agreement.

Why Sky Quarry Is In Focus?

SKYQ operates Nevada’s only oil refinery - the Foreland Refinery - with a capacity of approximately 5,000 barrels per day (bbd), while the state of Nevada consumes around 300,000 barrels each day. 

In contrast, the Galveston Bay refinery, operated by Marathon Petroleum (MARA) and the largest refinery in the U.S., has a capacity of 631,000 bbd. 

SKYQ’s Expansion Talks To Boost Supply

California refineries, which supply most of Nevada’s oil and energy needs, have seen at least 4 shut down in recent times. For instance, Valero announced plans to idle its Benicia Refinery by April 2026, and Phillips 66 shut its Wilmington refinery in October 2025. 

On Apr 2, SKYQ announced that it is currently in discussions with regional crude oil suppliers and leaseholders in Nevada regarding opportunities to increase local production that could supply the Foreland Refinery.

CEO Marcus Lan noted earlier this month that if major California refineries close permanently, and crude continues to surge, then control over local supply will become critical. "If two of the largest California refineries serving the Western region close permanently and global oil prices spike above $110 a barrel, the question of where refined product comes from - and who controls local supply - becomes urgent,” he said.

SKYQ Stock: How Did Retail Traders React?

Retail sentiment on Stocktwits was bullish, with extremely high message volumes early Monday.

One Stocktwits user wrote,”$SKYQ take profits or you could hold bag.”

Another user wrote,”$ANNA $BATL $SKYQ they’ve been laid out there for the taking.

SKYQ has surged 266% YTD. 

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