On Monday, Shares of Chesapeake Energy Corporation (NYSE:CHK), lost -9.21% to $6.70, as oil prices continue to edge downward with crude reaching a two-week low Monday at below $45 a barrel; but the slide may be far from over.
One expert says the price of oil may stay below $50 a barrel for at least another year, and maybe more. Will Speer, an oil price analyst for GasBuddy.com, said the glut of oil on the world market and less demand has kept prices down.
“Domestically, inventories are high in the U.S. for crude oil, so that has trickled into savings for motorists at the pump, where in the Corpus Christi area prices are about $2.06 a gallon right now,” Speer said.
Chesapeake Energy Corporation is a producer of natural gas, oil and natural gas liquids (NGL) in the United States. The Company operates in two segments: Exploration and Production, and Marketing, Gathering and Compression. The exploration and production segment is responsible for finding and producing oil, natural gas and NGL.
Shares of Mondelez International Inc (NASDAQ:MDLZ), declined -2.72% to $41.47, during its last trading session.
Mondelez International’s first “made-in-Russia” Oreo biscuits are reaching Russian stores in October after the company upgraded a manufacturing line at its Sobinka plant. The investment supports the company’s global growth strategy, which comprises expanding iconic Power Brands like Oreo to new markets. Mondelēz International is already the No. 1 biscuit maker in Russia with beloved brands such as Jubilee, Barni and TUC.
“Oreo is the world’s No. 1 biscuit, so this represents a major snacking milestone for the Russian market,” said Hossam Ashour, General Manager, Mon’delez Rus. “Now consumers in Russia will be able to enjoy these legendary cookies, experience the world-famous ritual of ‘twist, lick and dunk’ and love them as they are loved the world over! In addition, producing Oreo in Russia will make these delicious treats more accessible to local consumers and assist expand Russia’s biscuits market.”
Oreo will be available in retail outlets across Russia in three formats: a 38g package for individual consumption, and larger 95g and 228g packages to enjoy with family, friends and colleagues. With about $2.5 billion in annual revenues in 2014, Oreo is the world’s favorite cookie. Every year, more than 40 billion Oreo cookies are produced in 18 countries around the world. Thanks to its unique positioning and classic recipe, Oreo is now sold in more than 100 countries.
Mondelez International, Inc. is a snack food and beverage company. The Company manufactures and markets snack food and beverage products for consumers in approximately 165 countries around the world.
Shares of AK Steel Holding Corporation (NYSE:AKS), declined -2.18% to $2.24, during its last trading session.
AK Steel Holding Corporation said recently that the U.S. International Trade Commission (ITC) has made a preliminary determination that hot-rolled steel produced in seven foreign countries is causing injury to AK Steel and the domestic steel industry. The preliminary injury determination means that cases against hot-rolled steel imports from the seven named countries will proceed.
AK Steel and certain other domestic steel producers filed petitions with the ITC and the United States Department of Commerce (Commerce Department) on August 11, 2015, charging that unfairly traded imports of hot-rolled steel from Australia, Brazil, Japan, the Netherlands, South Korea, Turkey, and the United Kingdom were causing material injury to the domestic industry. Anti-dumping cases were filed against all seven countries. Counter-vailing duty cases were filed against Brazil, South Korea, and Turkey. The cases now move to the Commerce Department for determinations as to whether foreign producers are violating U.S. anti-dumping law by selling their products at less than fair value in the United States and U.S. counter-vailing duty law by selling merchandise that benefits from unfair government subsidies.
The Commerce Department will calculate dumping margins, which are designed to offset the amount by which the product is sold at less than fair value, and subsidy rates, which are designed to offset the amount by which the product benefits from unfair government subsidies. Estimated counter-vailing and anti-dumping duties will be collected from importers as of the date of the Commerce Department’s preliminary determinations, which will occur on or about November 4, 2015 and January 18, 2016, respectively. If foreign producers attempt to “beat the clock” by increasing shipments into the U.S. market before the Commerce Department’s preliminary determinations, anti-dumping and counter-vailing duties can be imposed retroactively startning 90 days before the preliminary determinations.
AK Steel Holding Corporation (AK Holding) is an integrated producer of flat-rolled carbon, stainless and electrical steels and tubular products through its wholly-owned subsidiary, AK Steel Corporation (AK Steel and, together with AK Holding, the Company).
Finally, Oasis Petroleum Inc. (NYSE:OAS), ended its last trade with -7.92% loss, and closed at $8.37, as the decline in oil prices drags some stocks within the energy sector down Monday.
The price of the commodity is trading in the red as it is pressured by the decline in equities on Wall Street and by signs of a weakening economy in China, Reuters reports.
An 8.8% decline in profits for China’s industrial companies in August has resulted in a global decline in equity markets in addition to commodities, Reuters added.
Oasis Petroleum Inc. is an independent exploration and production company. The Company is focused on the acquisition and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin. The Company’s core projects include Williston Basin, West Williston, East Nesson and Sanish.
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