On Monday, Shares of Chesapeake Energy Corporation (NYSE:CHK), gained 4.62% to $7.92, despite Crude oil fell more than 3 percent on Monday, dragged down by a tumble in gasoline and apprehension about whether the United States will have its first interest rate hike in nearly a decade, according to Reuters.
Gasoline, which rallied sharply in the second quarter to pull crude higher, slumped 4 percent. Traders cited weakness in nearby contracts of RBOB gasoline as compared to farther-dated ones on NYMEX RBc1-RBc2 as the peak U.S. summer driving season wound to a close.
“I think this is surprising to many and catching them off guard as the trend of strong spreads in RBOB are over now,” said Scott Shelton, commodities specialist at ICAP in Durham, North Carolina.
U.S. crude CLc1 was down 75 cents at $43.88 a barrel by 12:36 p.m. EDT (1636 GMT) after declining to as low as $43.59. Reuters Reports
Chesapeake Energy Corporation produces oil and natural gas through acquisition, exploration, and development of from underground reservoirs in the United States. It holds interests in natural gas resource plays, counting the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin of West Virginia and Pennsylvania; and the Barnett Shale in the Fort Worth Basin of north-central Texas.
Shares of United States Steel Corp. (NYSE:X), declined -3.62% to $13.59, during its last trading session, hitting its lowest level, as China’s steel output causes excess supply to spill into global markets.
China supplies more than half of the world’s steel, and is facing a financial slowdown that has lowered domestic demand for the metal, according to Bloomberg.
Despite government-ordered shutdowns and fears of a global oversupply, the country raised output 1.7% in August from July, Bloomberg stated. The overabundance of steel in China has resulted in an uptick in exports by 26.5% for the first eight months of 2015.
United States Steel Corporation produces and sells flat-rolled and tubular steel products in North America and Europe. It operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular). The Flat-Rolled segment offers slabs, rounds, strip mill plates, sheets, and tin mill products.
Shares of Altria Group Inc. (NYSE:MO), declined -0.27% to $52.45, during its last trading session.
Altria Group, hosted a webcast of its business presentation at the Barclays Global Consumer Staples Conference in Boston, Massachusetts on Wednesday, September 9, 2015 at about 9:45 a.m. Eastern Time. The webcast featured a presentation by Billy Gifford, Altria’s Chief Financial Officer.
Altria Group, Inc., through its auxiliaries, manufactures and sells cigarettes, smokeless products, and wine in the United States and internationally. It offers cigarettes primarily under the Marlboro brand; cigars principally under the Black & Mild brand; and moist smokeless tobacco products under the Copenhagen, Skoal, Red Seal, Husky, and Marlboro Snus brand names.
Finally, Danaher Corp. (NYSE:DHR), ended its last trade with -0.08% loss, and closed at $86.77.
Danaher Corporation declared that Executive Vice President and Chief Financial Officer Daniel L. Comas and Executive Vice President, James A. Lico will be presenting at Morgan Stanley’s 3rd Annual Laguna Conference in Laguna Beach, California on Thursday, September 17th at 10:30 a.m. PT.
Danaher Corporation designs, manufactures, and markets professional, medical, industrial, and commercial products and services worldwide. The company’s Test & Measurement segment provides test, measurement, and monitoring products that are used in electronic design, manufacturing, and technology development; hardware and software solutions to deploy, manage, and secure communication network technologies and services; and tools, toolboxes, and automotive maintenance equipment.
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