Global stock markets made modest gains on Thursday – Chesapeake Energy Corporation (NYSE:CHK), Whiting Petroleum Corp (NYSE:WLL)
On Wednesday, Chesapeake Energy Corporation (NYSE:CHK), surge 6.48% to $5.75 & Whiting Petroleum Corp (NYSE:WLL), gained 0.58% to $8.69.
During the last trading session Chesapeake Energy Corporation the minimum price at which share is traded was $ 5.47 and peak price of the day was $ 5.80. World stocks held near all-time highs on Thursday, helped by a rebound in energy shares as oil prices rose after U.S. fuel inventories declined and Saudi Arabia cut supplies of crude to Asia more than expected.
MSCI’s gauge of global stock markets was up 0.1 percent, bringing their gains for the year to nearly 10 percent.
European shares underperformed as investors looked to lock in gains after their strong run so far this year. Government bond yields rose as rising oil prices reinforced expectations inflation would pick up.
Oil prices stood out in an otherwise relatively quiet day across financial markets.
Brent crude rose another 1.3 percent following a 3 percent gain in the previous session. The advance helped Brent regain the $50 level and reverse all of last week’s losses.
“We saw the biggest draw in (U.S.) inventories for the year last week with stockpiles down more than 5 million barrels, and it looks like OPEC’s production cut is finally biting,” said Greg McKenna, chief market strategist at brokerage AxiTrader. Surce: Reuters
On the other hand, Whiting Petroleum Corp (NYSE:WLL), an independent oil and gas company, engages in the development, production, acquisition, and exploration of crude oil, natural gas liquids, and natural gas mainly in the Rocky Mountains region of the United States. The Company has 368.13M shares outstanding while EPS in next five years is expected to reach 5.00 % while EPS growth in past 5 year was -26.80 %. Global stock markets made modest gains on Thursday with few data reports to move them, as investors watched tax reform developments in the U.S. after President Donald Trump’s firing of FBI chief James Comey. Oil prices extended gains.
OIL: Benchmark U.S. crude added 65 cents to $47.98 per barrel in electronic trading on the New York Mercantile Exchange after surging $1.45, or 3.2 percent, to $47.33 a barrel on Wednesday. Brent crude, the international standard, gained 67 cents to $50.88 per barrel in London after closing up $1.49, or 3.1 percent, at $50.22 in the previous session. The price of U.S. crude oil jumped as reports showed U.S. crude stockpiles dropped by 5.2 million barrels last week, bigger than analysts expected.