NEW YORK, NY--(Marketwire -06/29/12)- Oil stocks received a boost earlier this week as oil prices rose on positive U.S. manufacturing and housing data. Oil futures on Wednesday rallied back above $80 a barrel, the highest level in the past week. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) surged 4 percent on Wednesday. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Linn Energy, LLC (LINE) and Triangle Petroleum Corporation (TPLM).
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Data from the Commerce Department showed that factories received more orders for durable goods in May than previously forecasted. The National Association of Realtors also reported that pending U.S. home sales in May were at their highest levels in over two years. "The durable goods number is giving the market the sense that things aren't too bad, at least in the U.S.," said Phil Flynn, senior market analyst at the Price Futures Group. "The economic data recently seems to be raising expectations for more oil demand."
On another note, the Energy Department's Energy Information Administration in their weekly report stated U.S. crude oil supplies fell by 100,000 barrels for the week ended June 22. According to Platts analysts had expected a decrease of 1 million barrels.
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LINN Energy recently announced the acquisition of BP's Jonah Field properties, located in the Green River Basin of southwest Wyoming, for $1.025 billion. Including the pending Jonah Field transaction, LINN has announced or closed almost $3 billion of acquisitions year to date. Shares of the company rose 3 percent Wednesday.
Triangle Petroleum is a growth-oriented oil and gas exploration and development company with approximately 82,000 net acres in the Williston Basin targeting the Bakken Shale and Three Forks formations. The company reported first quarter fiscal 2013 total production of 62,700 Boe. As of April 30, 2012 Triangle Petroleum had a cash balance of $34 million.
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