NEW YORK, NY--(Marketwire -08/07/12)- Oil and gas stocks have lost their luster among investors in 2012 as the recent economic slowdown in Europe and China has created a less than favorable demand outlook for crude. Oil stocks received a boost Friday as oil prices surged on a surprisingly strong U.S. jobs report. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) surged 2.93 percent last Friday. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on ATP Oil & Gas Corp. (ATPG) and Warren Resources, Inc. (WRES).
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Oil prices surged nearly 5 percent, their biggest gain in a month, after the Labor Department reported that U.S. employers added 163,000 jobs in July. According to the median estimate of economists surveyed by Bloomberg, payrolls were expected to increase by 100,000. "Anything that points to economic growth boosts oil," said Michael Lynch, president of Strategic Energy & Economic Research.
The Energy Information Administration last week reported that U.S. crude supplies surprisingly declined 6.5 million barrels for the week ended July 27. Analysts had predicted a drop of 1.6 million barrels according to Platts.
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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. Shares of the company saw their biggest gain in a month after their partner Isramco Negev 2 LP reported flow tests for the Shimshon well off the coast of Israel. After a 54-hour test Isramco reported the well was flowing at a rate of 40.2 million cubic feet a day.
Warren Resources is an independent energy company engaged in the exploration and development of domestic oil and natural gas reserves. Warren's activities are primarily focused on oil in the Wilmington field in California and natural gas properties in the Washakie Basin in Wyoming.
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