Why Chesapeake Energy Shares Are Rising

Chesapeake Energy Ord Shs CHK shares are trading higher by 3.78% to $98.30 going into the close of Monday's session. Shares of energy companies at large are trading higher amid an increase in the price of oil.

What's Happening?

The surge in the price of oil is likely a ripple effect of the recent G7 price cap on Russian oil, as well as last week's Keystone pipeline oil spill.

Per a report by CNBC, the Keystone Pipline failure occurred last Wednesday nearby Washington, Kansas. Experts say an estimated 14,000 barrels of crude, or 588,000 gallons of a form of crude known as tar sands oil, into a nearby natural waterway.

NBC says the Biden administration has ordered the closure of the pipeline until the situation can be remedied.

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According to data from Benzinga Pro, CHK has a 52-week high of $107.31 and a 52-week low of $58.83.