E&P sector down with oil prices; Claire’s up after Q1 numbers; little movement for iHeart

By Colin Hanner

Chicago, June 7 – A hiccup in estimates for U.S. crude oil inventories caused an across-the-board plunge for exploration and production companies in the distressed debt market on Wednesday, market sources said.

Instead of seeing a decrease of more than 3 million barrels during last week’s production, the Energy Information Agency reported a 3.3 million-barrel increase on the week, prompting crude oil futures to drop several points in tandem with California Resources Corp. and MEG Energy Corp., which were also lower on the day.

Claire’s Stores Inc. reported first quarter earnings that, at the very least, surprised bondholders, who sent two of the Hoffman Estates, Ill.-based retailer issues several points higher each.

A media report suggested that iHeartCommunications, Inc. may be extending its exchange offer deadline past Friday, a potential sixth pushback that has been occurring since mid-April, though bonds were not very active on the session, traders said.

Global shipper Navios Maritime Holdings Inc. were up slightly, as were Guitar Center, Inc. and grocer Fresh Market Inc.

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