Oil Stocks on the Upswing as IEA Reports Global Oil Demand to Rise by 1 Million Barrels per Day
July 19 2012 - 8:20AM
Marketwired
Oil stocks received a boost Tuesday as oil prices increased for a
fifth consecutive day. A recent report from the Federal Reserve
showed that U.S. industrial production increased in June. "The
economic data is pretty good and it's painting a better picture for
oil demand," Phil Flynn, senior market analyst at the Price Futures
Group said on Tuesday. "The market is getting prepared for
tomorrow's inventory report." Five Star Equities examines the
outlook for companies in the Oil & Gas Industry and provides
equity research on ATP Oil & Gas Corporation (NASDAQ: ATPG) and
Oasis Petroleum Inc. (NYSE: OAS).
Access to the full company reports can be found at:
www.FiveStarEquities.com/ATPG www.FiveStarEquities.com/OAS
Last Thursday, the International Energy Agency stated they
expect global oil demand to increase by 1 million barrels a day in
2013. In their report the IEA forecasts global oil demand in 2013
will rise 1.1 percent to average 90.9 million barrels a day. While
the rise comes as a welcome sign, demand is still "well below" the
levels before the financial crisis.
"While the economic risks encompassed in our weaker GDP and
demand profile this month also hint at something of a price
ceiling, the latent potential of emerging market demand growth and
ongoing risk of nasty supply surprises could keep prices stubbornly
high in absolute terms," the IEA report said.
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ATP Oil & Gas is an international offshore oil and gas
development and production company with operations in the Gulf of
Mexico, Mediterranean Sea and the North Sea. The company recently
announced the completion of Mississippi Canyon Block 941 A-2 well
located in the Mirage Field. Initial test flow rates are at 4,000
barrels equivalent per day of which 90% is oil. The A-2 well will
be tied back to the facility immediately and is expected to produce
at a rate of 4,000 to 5,000 Boe per day.
Oasis is an independent exploration and production company
focused on the acquisition and development of unconventional oil
and natural gas resources, primarily operating in the Williston
Basin. The company in the first quarter of 2012 grew average daily
production to 17,633 barrels of oil equivalent per day, a 118%
increase over the first quarter of 2011. Daily production increased
by 16% compared to the fourth quarter of 2011 and exceeded guidance
range of 15,000 to 16,500 Boepd.
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