Energy names end mixed, oil prices hit again; Alpha Natural earnings on tap, bonds edge up

By Stephanie N. Rotondo

Phoenix, Feb. 11 – Energy remained in focus in the distressed debt market on Wednesday.

But even as oil prices fell again – this time on news that U.S. stockpiles grew more than expected – the sector continued to trade mixed.

West Texas Intermediate crude slipped 79 cents, or 1.58%, to $49.23 a barrel, as Brent crude dropped $1.48, or 2.62%, to $54.95.

On Wednesday, the Department of Energy said that commercial crude inventory increased by 4.9 million barrels for the week ended Feb. 6. Analysts polled by Bloomberg had forecast a gain of 3.6 million barrels.

The DoE noted that the stockpile was “at the highest level for this time of year in at least the last 80 years.”

In distressed dealings, several oil and gas names were seen moving higher, despite the oil dip.

Some oil and gas names, however, did not fare as well as some of their sector peers.

Away from oil, coal producer Alpha Natural Resources Inc. is scheduled to release its fourth-quarter results on Thursday.

Ahead of the numbers, a trader saw the 9Ύ% notes due 2018 inching up a touch to 39Ό.

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