NEW YORK (MarketWatch) -- Natural gas shares and drilling stocks rose sharply Monday after Chesapeake Energy scrapped plans to issue stock and announced a healthy cash position.
The Amex Natural Gas Index jumped 7% to 362, led by a rise of 29% by Chesapeake Energy Corp. .
"This year was a bizarre year and will do down in the industry as one of the most fascinating," said Chesapeake Energy CEO Aubrey McClendon, referring to the big swings in natural gas prices, his company's lower share price, and the rich discoveries in shale gas in the U.S.
Among other major industry indicators, the Amex Oil Index jumped 4% to 895.
The Philadelphia Oil Service Index jumped 9% to 116, led by an 11% rally from Weatherford International .
Among energy stocks in the spotlight, Apache Corp. jumped 7% to $67.24. The company said it arranged a $350 million financing for the Van Gogh and Pyrenees oil developments offshore Western Australia.
