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Oil rally lifts energy sector; JCPenney rises as investors prepare for quarterly results
By Stephanie N. Rotondo
Phoenix, Feb. 25 – The distressed debt market was up smartly Wednesday and oil prices were also experiencing a hefty rebound.
With the gains in oil prices – brought on by expectations that demand will soon rise – the energy sector was also ending with a firmer feel.
Energy XXI was the name dominating that space, according to a trader. He said that both the 8¼% notes due 2018 and the 9¼% notes due 2017 traded at least 20 times in round lots, with the former ending up a quarter-point at 69¼ and the latter 3½ points higher at 71½.
Comstock Resources Inc. was also higher as the company launched a roadshow for a $700 million sale of five-year notes.
A trader saw the 9½% notes due 2020 rising 1½ points to 66.
Swift Energy Co.’s 7 7/8% notes due 2022 were meantime a quarter-point higher at 49¼.
Even oil-related names were getting a boost. Key Energy Services Inc.’s 6¾% notes due 2021 inched up a quarter-point to 66¼, while CGG SA’s 6½% notes due 2021 put on a point, ending at 81 bid.
West Texas Intermediate crude gained $1.67, or 3.39%, to $50.95 per barrel, while Brent crude improved $3.08, or 5.25%, to $61.74.
© 2015 Prospect News.
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