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Oil and gas names gain traction as crude rebounds; AK Steel stays firm on price increases
By Stephanie N. Rotondo
Seattle, April 19 – Distressed oil and gas bonds continued to be in focus on Tuesday, as domestic crude oil prices jumped over 3% for the day.
The commodity’s rise came as oil workers in Kuwait went on strike for the third straight day, nearly halving the OPEC-member nation’s daily production. A power outage in Venezuela and a pipeline fire in Nigeria were also weighing on daily production.
The surge came after oil prices got hammered on Monday following a meeting of OPEC and non-OPEC producers Sunday failed to bring a deal to freeze production.
A trader said Chesapeake Energy Corp.’s 8% second-lien notes due 2022 were “active again,” rising over 2 points to close at 61¼.
EP Energy Corp.’s 9 3/8% notes due 2020 meantime saw a sizeable gain for the day, as a trader said the issue increased by over 4 points to 61¼. Oasis Petroleum Corp.’s 6 7/8% notes due 2022 also saw a hefty increase, ending up nearly 5 points at 86½.
In Whiting Petroleum Corp. paper, a trader said the 6¼% notes due 2023 jumped “almost 4 points” to 79.
AK Steel Holdings Corp. debt continued to improve on Tuesday, as investors remained positive about a recent steel price increases.
A trader pegged the 7 5/8% notes due 2021 at 78½, up over 1½ points on the day. Another source placed the 7 5/8% notes due 2020 at 83¾ bid, up 2½ points.
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