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Distressed investors eye oil, gas names as oil declines further; Fannie, Freddie weaken
By Stephanie N. Rotondo
Phoenix, Jan. 5 – The distressed oil and gas space was under pressure Monday, as oil prices hit new recent lows.
“They are getting clobbered again,” a trader said.
West Texas Intermediate crude oil declined $2.78, or 5.28%, to $49.91, while Brent crude lost $3.44, or 6.15%, ending at $52.98.
Of the names in that sector, a trader said Forest Oil Corp.’s 7¼% notes due 2019 fell “another 2 points” in the last week.
Meanwhile, independent producer Samson Investments Co. saw its 9¾% notes due 2020 losing “almost 2½ points,” a trader said, to close at 38¾.
The trader also said that Midstates Petroleum’s 9¼% notes due 2021 ended down 2½ points at 47¼.
At another desk, SandRidge Energy Inc.’s 7½% notes due 2021 were pegged at 61 bid, off over 3 points, while Linn Energy LLC’s 7¾% notes due 2021 were seen at 85 bid, down 1½ points.
President Barack Obama is slated to give a speech in Phoenix on Thursday and is expected to discuss housing reform.
Given such, the market is looking to see how Obama approaches his comments in regards to Fannie Mae and Freddie Mac.
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