Global Oil Demand Forecasted to Increase by 900,000 Barrels a Day in 2012
Five Star Equities Provides Stock Research on Magnum Hunter Resources and Dejour Energy
NEW YORK, NY--(Marketwire - Sep 27, 2012) - Oil and Gas exploration stocks have been on an impressive run as crude prices have rallied sharply on the announcement of stimulus measures from central banks around the globe. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has surged over 20 percent in the last three months, handily outperforming the Dow Jones Industrial Average over the same period. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Magnum Hunter Resources Corp. (NYSE: MHR) and Dejour Energy Inc. (NYSE: DEJ) (TSX: DEJ).
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The Organization of the Petroleum Exporting Countries (OPEC) in their monthly report forecasted oil demand to rise in 2012 and the next. In their monthly report OPEC forecasted global oil demand to increase by 900,000 barrels a day in 2012 and another 800,000 in 2013. During August OPEC produced an average of 254,000 barrels more a day than in July for a total of 31.41 million barrels.
"It's been an impressive performance. And when you put this month's number up against OPEC's own prediction that it is going to need to produce about 30.5 million b/d in the fourth quarter, which is always the heaviest demand period of the year, it should ease fears of tight crude supplies," said John Kingston, Platts global director of news.
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Magnum Hunter Resources is active in five of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale, Eagle Ford Shale, Pearsall Shale and Williston Basin/Bakken Shale. The company reported that oil and gas production increased 162% for the three months ended June 30, 2012 to 12,984 barrels of oil equivalent per day.
Dejour Energy Inc. is an independent oil and natural gas exploration and production company operating projects in North America's Piceance Basin and Peace River Arch regions. Shares of the company surged Tuesday after reporting it had successfully drilled its Kokopelli well to total depth 8440 feet.
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