Oil Prices Continue Rally as Energy Information Administration Raises Forecasts for 2012 Oil Prices
August 10 2012 - 8:20AM
Marketwired
Oil and gas stocks have stagnated in 2012 as the recent economic
slowdown in Europe and China has created a less than favorable
demand outlook for crude. The SPDR S&P Oil & Gas
Exploration & Production ETF (XOP) year-to-date has gained less
than 0.5 percent. The Paragon Report examines investing
opportunities in the Oil & Gas Industry and provides equity
research on McMoRan Exploration Co. (NYSE: MMR) and Gulfport Energy
Corp. (NASDAQ: GPOR).
Access to the full company reports can be found at:
www.ParagonReport.com/MMR
www.ParagonReport.com/GPOR
Oil prices surged nearly 5 percent last Friday, their biggest
gain in a month, after the Labor Department reported that U.S.
employers added 163,000 jobs in July. "Anything that points to
economic growth boosts oil," said Michael Lynch, president of
Strategic Energy & Economic Research.
The Energy Information Administration recently reported that
U.S. crude supplies surprisingly declined 3.7 million barrels last
week to 369.9 million barrels. According to analysts surveyed by
Platts supplies were predicted to drop by only 300,000 barrels. The
EIA earlier this week raised its forecasts for 2012 oil prices.
West Texas Intermediate crude is now projected to average $93.90,
up from the previous estimate of $92.83, while Brent crude was
increased to $108.07 a barrel from $106.
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McMoRan Exploration Co. is an independent public company engaged
in the exploration, development and production of natural gas and
oil in the shallow waters of the GOM Shelf and onshore in the Gulf
Coast area. Second-quarter 2012 production averaged 140 MMcfe/d net
to McMoRan, compared with 197 MMcfe/d in the second quarter of
2011.
Gulfport Energy Corporation is an Oklahoma City-based
independent oil and natural gas exploration and production company
with its principal producing properties located along the Louisiana
Gulf Coast and in the Permian Basin in West Texas. The company
produced oil and natural gas sales volumes of 663,626 barrels of
oil equivalent, or 7,293 barrels of oil equivalent per day, in the
second quarter of 2012, a 17% year-over-year increase from the
second quarter of 2011.
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