Oil Prices Continue to Rally - Forecasted 2012 Average Oil Prices Raised by the Energy Information Administration
The Paragon Report Provides Stock Research on Rex Energy and Seadrill
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 08/23/12 -- 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 just over 1.5 percent. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Rex Energy Corporation (NASDAQ: REXX) and Seadrill Ltd. (NYSE: SDRL).
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Despite weak global demand oil prices have gained nearly a third during the last six weeks. At the beginning of the week Brent crude prices hit $115 per barrel, the highest it's been in the last three months. Since the end of June Brent crude prices have rebounded roughly 30 percent. The EIA earlier this month 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.
"The market is decoupling from fundamentals," said Carsten Fritsch, an analyst at Germany's Commerzbank in Frankfurt. "Much of the strength is based on factors -- such as more U.S. economic stimulus -- that are far from guaranteed."
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Rex Energy is an independent oil and gas exploration and production company operating in the Appalachian and Illinois Basins within the United States. Second quarter 2012 net production volumes were 62.5 MMcfe/d, consisting of 46.3 MMcfe/d of natural gas and 2.7 MBoe/d of oil and NGLs, an increase of 78% over the second quarter of 2011 and 3% over the first quarter of 2012.
Seadrill is a leading offshore deepwater drilling company. The company is scheduled to release their second quarter 2012 results on Monday August 27, 2012. Seadrill last month reported that it had received a $4 billion commitment for 19 rig years on three ultra-deepwater units.
The Paragon Report has not been compensated by any of the above-mentioned publicly traded companies. Paragon Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at:
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Datum: 23.08.2012 - 12:20 Uhr
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