NEW YORK, NY--(Marketwire -07/19/12)- Oil stocks received a boost Tuesday as oil prices increased for a fifth consecutive day. A recent report from the Federal Reserve showed that U.S. industrial production increased in June. "The economic data is pretty good and it's painting a better picture for oil demand," Phil Flynn, senior market analyst at the Price Futures Group said on Tuesday. "The market is getting prepared for tomorrow's inventory report." Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on ATP Oil & Gas Corporation (ATPG) and Oasis Petroleum Inc. (OAS).
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Last Thursday, the International Energy Agency stated they expect global oil demand to increase by 1 million barrels a day in 2013. In their report the IEA forecasts global oil demand in 2013 will rise 1.1 percent to average 90.9 million barrels a day. While the rise comes as a welcome sign, demand is still "well below" the levels before the financial crisis.
"While the economic risks encompassed in our weaker GDP and demand profile this month also hint at something of a price ceiling, the latent potential of emerging market demand growth and ongoing risk of nasty supply surprises could keep prices stubbornly high in absolute terms," the IEA report said.
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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. The company recently announced the completion of Mississippi Canyon Block 941 A-2 well located in the Mirage Field. Initial test flow rates are at 4,000 barrels equivalent per day of which 90% is oil. The A-2 well will be tied back to the facility immediately and is expected to produce at a rate of 4,000 to 5,000 Boe per day.
Oasis is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources, primarily operating in the Williston Basin. The company in the first quarter of 2012 grew average daily production to 17,633 barrels of oil equivalent per day, a 118% increase over the first quarter of 2011. Daily production increased by 16% compared to the fourth quarter of 2011 and exceeded guidance range of 15,000 to 16,500 Boepd.
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