Weak Outlook From Major Companies Signal Slowing Global Economy -- Oil Prices Slide to Three Month Low
Five Star Equities Provides Stock Research on GMX Resources and Triangle Petroleum
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 10/25/12 -- Abundant supplies and concerns regarding the health of the global economy have sent oil prices on a steady decline since around mid-September. Earlier this week oil hit a three-month low as missed earnings from major industrial companies pressured prices lower. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has fallen 5.5 percent over the last month. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on GMX Resources Inc. (NYSE: GMXR) and Triangle Petroleum Corp. (NYSE: TPLM).
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Oil futures, which haven't closed below $86 since mid-July, fell to a low of $85.69 Tuesday. Oil prices have fallen approximately 13 percent this year. Weak outlooks recently provided major companies such as Caterpillar, DuPont, and 3M have raised concerns that the global economy is weakening, which could further reduce demand for oil. The Energy Information Administration earlier this month reported that oil production in the U.S. was at a 15 year high, despite lower demand.
"There is a correlation between the equity markets and the oil price," said CMC Markets analyst, Michael Hewson. "We've had various companies missing price forecasts and these concerns about the future outlook for earnings are keeping a lid on oil prices."
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GMXR owns production leases in two of the most prolific oil resource plays in the United States, the Williston Basin and Denver Julesburg (DJ) Basin targeting the Bakken/Sanish-Three Forks Formation and the Niobrara Formation, respectively. The company recently reported it will seek approval for a reverse stock split at a special meeting of shareholders on November 29, 2012
Triangle Petroleum is a growth-oriented oil and gas exploration and development company that is focused solely on the Bakken oil play in the Williston Basin of North Dakota and Montana. Since entering the basin in early 2010, the company has acquired approximately 86,000 net acres prospective for the Bakken and Three Forks formations. Shares of the company have fallen nearly 15 percent in the last month.
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Datum: 25.10.2012 - 06:20 Uhr
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