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Stock impact report

Oil Slides As Stock Markets Crumble, Shale Drilling Accelerates [Investor's Business Daily]

Chesapeake Energy Corporation (CHK) 
Last chesapeake energy corporation earnings: 2/26 07:00 am Check Earnings Report
US:NYSE Investor Relations: chk.com/investors
Futures Oil's decline accelerated as the deepening slump in equity and debt markets undermined the outlook for energy demand against the backdrop of swelling U.S. crude production. Futures fell 2% in New York on Monday. Stock markets tumbled around the world, and confidence crumbled in emerging markets and the riskiest forms of debt. The S&P 500 energy index fell 4.4% Monday, led by Chesapeake Energy ( CHK )and Hess ( HES ), which slid 7.2% and 6.9%, respectively. Meanwhile, the number of rigs searching for crude in American shale fields jumped to the highest in more than five months last week, a harbinger of ever-greater oil output. "This is contagious from the financial markets and the equity market, especially," Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Mass., said by phone. "People worry that the demand may not be as robust over the next couple of quarters as people have been anticipating." West Texas intermediate crude, the U.S. benchmark, to Show less Read more
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