Economic Slowdown Takes Toll on SandRidge and Magnum Hunter Resources
The Paragon Report Provides Equity Research on SandRidge Energy & Magnum Hunter Resources
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 10/27/11 -- Shares of oil producers remain under siege as oil demand is showing signs of drying up. Opec revised downward its estimated demand growth for the year, as the economic downturn is taking its toll. According to Opec, United States oil demand in the third quarter contracted by 2.3 per cent year-on-year, while Europe's demand decreased by 1.7 per cent. The Paragon Report examines investing opportunities in the Oil & Gas Sector and provides equity research on SandRidge Energy, Inc. (NYSE: SD) and Magnum Hunter Resources Corporation (NYSE: MHR). Access to the full company reports can be found at:
MasterCard SpendingPulse, which tracks retail gasoline purchases in the U.S., says drivers have cut back on spending at the pump for nearly eight months in a row. Drivers used 8.839 million barrels a day of gasoline in the week ended Oct. 21, according to the most recent SpendingPulse report. Consumption was down 1.5 percent from the prior week. It was the eighth straight week that demand lagged behind 2010 levels. Averaged over four weeks, fuel demand was lower than a year earlier for the 31st consecutive week. Demand in 2011 through Oct. 21 is down 1.2 percent from a year earlier.
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The International Energy Agency joined OPEC in trimming its demand forecasts for this year and 2012. The Paris-based IEA still expects world demand to hit a record this year, but more slowly than previously expected. The market currently remains "tightened" with the loss of a large portion of production from Libya and owing to lower than forecast production in non-OPEC countries, the IEA said.
World oil markets have been tightening by between 500,000 b/d and 1 million b/d over the past 18 months, the IEA said, pointing to production outages of some 600,000 b/d in non-OPEC areas such as the North Sea and Canada in the second and third quarters of this year.
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Datum: 27.10.2011 - 06:16 Uhr
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