NEW YORK, NY--(Marketwire -07/20/12)- Oil stocks have been on the upswing recently as a result of rebounding oil prices. Oil prices rallied above $90 per barrel after the Energy Information Administration reported oil demand in the U.S. in rising. "We keep talking about the slow economy, but the market is seeing some improved oil demand today," said Phil Flynn, an analyst at Price Futures Group. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Northern Oil & Gas, Inc. (NOG) and Voyager Oil & Gas, Inc. (VOG).
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The IEA, in their weekly report Wednesday, said that U.S. oil supplies decreased by 800,000 to 377.4 million barrels. While the decline was under the 1.1 million barrels projected by analysts, it marked the third consecutive week in which inventories have fallen.
The IEA also reported last week that they predict global oil demand to rise by 1 million barrels a day in 2013. A report released last week showed that the IEA forecasts global oil demand in 2013 to average 90.9 barrels a day, a 1.1 percent increase. While demand is on the rise it is still "well below" the levels seen before the start of the financial crisis.
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Northern Oil and Gas is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana. The company expects second quarter 2012 production to increase approximately 20% compared to first quarter 2012, resulting in an average of approximately 10,200 barrels of oil equivalent per day.
Voyager's primary business is focused on properties in North Dakota and Montana targeting the Bakken and Three Forks shale oil formations. The company estimates second quarter 2012 average production was approximately 900 BOEPD, which represents a 40 percent increase above its first quarter 2012 average production of 625 BOEPD.
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