Oil Prices Fall to Three-Month Lows as Missed Earnings From Major Companies Signal Slowing Economy
Five Star Equities Provides Stock Research on Royale Energy and Dejour Energy
(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 Royale Energy, Inc. (NASDAQ: ROYL) and Dejour Energy Inc. (NYSE: DEJ) (TSX: DEJ).
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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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Royale Energy is recognized as one of the top 20 fastest growing natural gas and oil producers in the United States by Oil & Gas Journal. The company owns wells and leases in California's Sacramento and San Joaquin basins, Utah and in the Gulf Coast basins of Texas and Louisiana. The company recently reported that Great Bear plans to accelerate testing and production on its North Slope acreage adjoining Royale.
Dejour Energy is an independent oil and natural gas exploration and production company operating projects in North America's Piceance Basin (approximately 100,000 net acres) and Peace River Arch regions (approximately 11,000 net acres). The company recently reported that they expect completion operations of their initial Kokopelli well, including perforating, fracturing and production tie-in are expected to be completed during Q4 2012.
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Datum: 25.10.2012 - 06:20 Uhr
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