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Oil and gas sector improves as oil prices drift down; Alpha Natural Resources debt weaker
By Stephanie N. Rotondo
Phoenix, May 4 – A modest dip in oil prices did little to change the upward trajectory of the distressed energy sector on Monday.
Oil prices came in as new economic data from China showed that manufacturing had declined, leaving some to speculate that oil demand would follow.
West Texas Intermediate crude then slipped 23 cents to $58.92 per barrel, while Brent crude dipped 6 cents to $66.40.
Among oil and gas names, Halcon Resources Corp. was ticking up a touch, according to a trader.
Linn Energy LLC’s 6¼% notes due 2019 were meantime 1½ points better at 86½, the trader said.
Also on the rise were SandRidge Energy Inc.’s 8 1/8% notes, which ended up nearly a point at 71.
EXCO Resources Inc. then saw its 8½% notes due 2022 inching up half a point to 61.
In names whose bonds are trading much lower, Sabine Oil & Gas Corp.’s 9¾% notes due 2017 put on half a point to 17, while Samson Resources’ 9¾% notes due 2020 fell to just south of 12.
Elsewhere in the commodity realm, coal producers remained weak.
Alpha Natural Resources Inc.’s 9¾% notes due 2018 were pegged down 5 points at 32½ at one desk. Another trader said the issue was “a little bit lower” at 32½ as well.
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