Why Oil futures moved higher on Monday? Chesapeake Energy Corporation (NYSE:CHK)

During the most recent trading day, the stock’s price shifted up + 68.27 percent from its 52-week-low while -27.56 percent lower from its 52-week high.

Chesapeake Energy Corporation generated a return on investment of -56.90 % in past 12 months and return on equity of 160.80 % for similar period.

The share price of Chesapeake Energy Corporation (NYSE:CHK) surged 55.09 percent for the year. YTD, the current share price of the stock is below -15.38 percent.  U.S. stock index futures were little changed on Monday, with investors awaiting the earnings season to see if corporate profits justify lofty valuations, and, more immediately, a meeting between President Donald Trump and China’s Xi Jinping.

Wall Street ended a strong rally in the first quarter with a whimper on Friday as investors turned their attention to the impending earnings season.

First-quarter earnings at S&P 500 companies are expected to have risen about 10 percent, according to Thomson Reuters I/B/E/S. The index is trading at about 18 times earnings estimates for the next 12 months, above its long-term average of 15. According to Reuters

According to TV360, Oil futures moved higher Monday as upbeat sentiment about economic prospects in Asia and Europe outweighed concerns a higher U.S. rig count stoked worries about global oversupply, although a stronger dollar pressured prices.

International benchmark Brent futures rose 3 cents, or 0.1 percent, to $53.56 a barrel by 0658 GMT. The March contract closed the previous session down 13 cents at $52.83 a barrel.

U.S. West Texas Intermediate crude futures climbed 10 cents, or 0.2 percent, to $50.70 a barrel after settling 25 cents higher in the previous session.

Crude prices staged a three-day rally last week amid expectations members of the Organization of the Petroleum Exporting Countries (OPEC) and non-members such as Russia would extend production cuts beyond June.

But prices fell on Friday after energy services firm Baker Hughes said the U.S. rig count increased by 10 to 662 last week, making the first quarter the strongest for oil rig additions since mid-2011.

“We could be getting close to the end of the rally. Today’s pause may be significant in terms of market direction – we’ll see what happens in Europe and the U.S. later today,” said Ric Spooner, chief market analyst at Sydney’s CMC Markets. Source: TV360

Shares of Chesapeake Energy Corporation (NYSE:CHK) gained 1.54 % to $ 5.94 on Friday. The share price is trading in a range of 5.81 – 5.95 (Price in Dollars). The stock exchanged hands with 28,796,669 shares contrast to its average daily volume of 38,306,862 shares.

 

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