Chesapeake Energy Corporation (NYSE:CHK) managed to keep its gain at 4.01% on below-normal volume of 36,035,154 shares. The stock settled at $5.45 after floating in a range of $5.22 to $5.49. Its latest price was $5.45, reaching market capitalization of $4.86 Billion. Its 52-week range has been $3.53 to $8.20. Crude oil prices rose on Thursday to extend gains from the previous session after official government data showed U.S. stockpiles had eased from record highs. Prices surged on Wednesday after a slew of market reports and official data offered some hope that a near three-year global glut in oil is coming to an end, albeit more slowly than many have anticipated.
U.S. West Texas Intermediate (WTI) crude was up 39 cents, or 0.8 percent, at $49.25 a barrel by 0734 GMT, having surged 2.4 percent in the previous session while posting its first increase in eight days.
Brent futures climbed 47 cents, or 0.9 percent, to $52.28. They had their first increase in seven days on Wednesday, gaining 1.7 percent.
“While the large (global) inventory build seems counter-intuitive given the cuts to OPEC supply, there are good reasons for this,” Bernstein Energy said in a note on Thursday, citing seasonal declines in demand, time lags between cuts and deliveries, and traders tapping floating storage.