WTI crude oil for August delivery was down 1.2% to $60.26 a barrel Wednesday afternoon and Brent crude oil for August delivery was down 1.5% to $63.50 a barrel.
Oil prices were falling Wednesday following a report from the U.S. Energy Information Administration that said gasoline stockpiles grew by 680,000 barrels in the week ending June 19, above the 304,000 barrels analysts surveyed by Reuters expected. Distillate inventories, which include diesel and heating oil, grew by 1.8 million barrels in the week, above analysts' estimates of 1 million barrels.
Crude oil stockpiles grew by 4.9 million barrels in the week.
The strength of the dollar due to uncertain progress in the Greek debt crisis also helped bring down oil prices.
Chesapeake Energy is an oil and natural gas company based in Oklahoma City with positions in the Eagle Ford, Utica, Granite Wash, Cleveland, Tonkawa, Mississippi Lime, and Niobrara unconventional liquids plays.
TheStreet Ratings team rates CHESAPEAKE ENERGY CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHESAPEAKE ENERGY CORP (CHK) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."