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Morning Commentary: Energy weaker as oil slide continues; Ctrip.com trades weaker as shares jump
By Rebecca Melvin
New York, Dec. 12 – U.S. convertibles were not trading actively early Friday, several market sources said, as oil prices continued their downward spiral and equities dropped sharply.
West Texas Intermediate crude oil for January delivery fell another 2.7% to $58.26 a barrel in early trading. A week ago, the WTI contract was at almost $66.00 per barrel.
The International Energy Agency’s monthly report Friday included another cut of the agency’s forecast for global oil demand growth, its fifth cut in six months.
The IEA forecast that world oil demand will increase by 900,000 barrels a day in 2015, a downward revision of 230,000 barrels a day from the previous report.
The Paris-based IEA said that it still expects a robust increase in production from nations outside the Organization of Petroleum Exporting Countries in 2015, and that it may take some time for supply and demand to respond to the current price rout.
Cobalt International Energy Inc.’s 2.625% convertibles extended losses, trading down to 58 from about 59, according to Trace data. Shares of the Houston-based oil and gas E&P company added 11 cents to $7.74.
Cobalt priced $1.2 billion of the 2.625% convertibles a year ago at a discount to par of 99.25.
Elsewhere, Ctrip.com International Ltd.’s 1.25% convertibles were heard in trade and trending along the flat line despite higher shares, which were up 6%.
The Ctrip.com convertibles were quoted at 96 bid, 96.25 offered. They were recently higher, a market source said, and on Thursday, they were 96.25 bid. “A few days ago they were 96.75,” the market source said.
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