Oil Prices Fall to Two-Month Lows as Production in the U.S. Reaches 15 Year High
The Paragon Report Provides Stock Research on GMX Resources and Samson Oil & Gas
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 10/04/12 -- The recent economic slowdowns in Europe and China has seen global oil demand fall in 2012. Oil prices on Wednesday fell to a two-month low after government reports showed oil production in the U.S. have surged to a 15-year high and fuel demand decreased. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on GMX Resources Inc. (NYSE: GMXR) and Samson Oil & Gas Limited (NYSE: SSN).
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The Energy Information Administration on Wednesday reported that oil production in the U.S. was at its highest level since December 1996 reaching 6.52 million barrels a day last week, sending oil futures down as much as 3.9 percent. For the week ending September 28 fuel demand had also dropped to 18.3 million barrels a day, a 5 month low.
"The inventory numbers were rather neutral but demand looks pretty awful," said Michael Lynch, president of Strategic Energy & Economic Research. "A weak economy and falling demand will probably leave us with fuller oil tanks in the months to come."
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GMXR is a resource play rich exploration and production company. Oil shale resources are located in the Williston Basin, North Dakota & Montana targeting the Bakken Petroleum System and in the DJ Basin, Wyoming targeting the Niobrara Petroleum System; both plays are estimated 90% oil. The company recently reported that the Basaraba 34-35-1H well had a five day cumulative production of 4,375 BOE or an average of 875 BOE/Day.
Samson Oil & Gas Limited is an Australian based oil & gas company holding extensive development and exploration acreage in the USA. Samson's business strategy is to create value by focusing on the USA energy sector and in particular exploration for and production of gas. The company recently reported that their Board of Directors is in the process of finalizing a 2012/13 budget.
The Paragon Report has not been compensated by any of the above-mentioned publicly traded companies. Paragon Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at:
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Datum: 04.10.2012 - 06:20 Uhr
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