NEW YORK, NY--(Marketwire -08/09/12)- 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 less than 0.5 percent. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Dejour Energy Inc. (DEJ) (DEJ.TO) and Hyperdynamics Corp. (HDY).
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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. 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. The EIA earlier this week raised it 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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Dejour Energy Inc. is an independent oil and natural gas exploration and production company operating projects in North America's Piceance Basin (approx. 100,000 net acres) and Peace River Arch regions (approx. 11,000 net acres). The company previously reported that Woodrush production for the first six days in June averaged 18 percent above May production.
Hyperdynamics is committed to providing energy for the future by exploring internationally for new sources of oil and gas. It is the Operator and holds 77% of one of the largest exploration and production licenses in West Africa in the Republic of Guinea covering approximately 25,000 square kilometers.
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