Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for EP Energy Corp. > News item |
Energy sector sees boom amid OPEC speculation; coal down; Community Health, Quorum up
By Colin Hanner
Chicago, Nov. 21 – A surge in oil lifted some distressed oil and oil-related distressed notes – a sign that the Organization of Petroleum Exporting Countries may be heading toward a supply glut cut deal in just over a week – and several other names saw movement during the start of a shortened trading week on Monday.
Distressed oil and natural gas staples – like California Resources Corp. and EP Energy Corp. – seemed to mirror equities that rose off the speculation that an OPEC accord is nearing and the rise in crude oil futures, which were up almost 5% at the end of the bond market close on Monday.
Offshore oil and natural gas driller Noble Holdings International Ltd.’s distressed notes may have also been benefitting off the energy sector’s sentiment, as well as Noble’s near-complete $4 billion financing with Delek Group Ltd. to develop Israel’s largest natural gas pool, according to a report from Bloomberg.
Another of Noble’s distressed notes was nearly unchanged on the day.
Coal companies Peabody Energy Corp. and Murray Energy Corp. fell again after spot iron ore prices continued to drop over the weekend and into Monday, an effect largely attributable to China’s decision to increase mining operations.
A $425 million asset sale coming out of Community Health Systems Inc. on Friday seemed to lift the notes for the second-consecutive trading day, and its spinoff, Quorum Health Corp., was also up on the day.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.