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Chesapeake Energy’s stock falls below 50 cents for the first time in 26 years

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Shares of Chesapeake Energy Corp.












CHK, -2.80%










fell Thursday below the 50-cent mark for the first time in 26 years, after the International Energy Agency’s downbeat assessment oil demand. The IEA cut its view on oil demand growth in 2020 to by 365,000 barrels a day to 825,000 barrels a day, the lowest level since 2011, as the coronavirus outbreak in China is expected to damp demand. That comes a day after the Organization of Petroleum Exporting Countries (OPEC) cut its 2020 growth outlook by 230,000 barrels a day to 990,000 barrels a day. The oil and natural gas company’s stock fell 1.2% in afternoon trading to 49.83 cents. The last time the stock traded below four bits on an intraday basis was Jan. 21, 1994 and the last close below that mark was Jan. 19, 1994. Meanwhile, continuous crude oil futures rose 0.1%, and was headed for a third-straight gain after closing at a 13-month low on Monday. Natural gas futures fell 0.3%, after bouncing the past two days off Monday’s 4-year low. Chesapeake’s stock has plunged 80% over the past 12 months, while the…



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