Oil and gas names busy ahead of OPEC meeting; J. Crew posts wider loss, parent notes fall

By Stephanie N. Rotondo

Phoenix, June 4 – The distressed oil and gas sector came back into focus on Thursday, ahead of a semiannual meeting of OPEC in Vienna on Friday.

Chatter is that the oil cartel will maintain its current production levels of around 30 million barrels a day. Iran and its potential to produce up to 1 million barrels per day might be part of the discussion as well.

Should OPEC production stay at current levels, that could mean continued volatility in oil prices – especially as U.S. production is at or near all-time highs.

Ahead of the meeting, oil and gas bonds were trading in mixed fashion.

For its part, oil prices were heavier on the day.

West Texas Intermediate crude dropped $1.47, or 2.46%, to $58.17 a barrel and Brent crude lost $1.60, or 2.51%, to close at $62.20.

Away from energy names, Chino Intermediate Holdings A Inc.’s 7¾% PIK notes due 2019 were weakening after its indirect subsidiary, J. Crew Group Inc., released its first-quarter results.

For the quarter, the New York-based retailer reported a 2% decline in total revenue, which came to $581.8 million. Same-store sales meantime dropped 8%.

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