U.S. Oil Demand Falls to a 17-Year Low in October
The Paragon Report Provides Stock Research on Halcon Resources and Magnum Hunter Resources
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 12/13/12 -- Oil & Gas stocks have struggled in 2012 as high production rates and low demand have kept a lid on oil prices. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has gained just 3 percent year-to-date. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Halcon Resources Corp. (NYSE: HK) and Magnum Hunter Resources Corp. (NYSE: MHR).
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The American Petroleum Institute last month reported U.S. oil demand in October fell to 18.4 million barrels a day, which was the lowest October demand seen in 17 years. During the first 10 months of the year was 2.1 percent below the comparable period in 2011. Crude production in October averaged 6.652 million barrels a day, the highest in October since 1994.
"For many months, we've seen variations on the same theme: weak demand versus a year ago and some of the weaker demand numbers over the past decade," said John Felmy, API chief economist. "The simple fact is that unemployment remains high and economic growth has been extremely modest. Petroleum demand is reflecting that."
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Halcón Resources Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States. The company has recently closed the previously announced acquisition of Williston Basin Assets from Petro-Hunt, L.L.C.
Magnum Hunter Resources is presently active in five of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale, Eagle Ford Shale, Pearsall Shale and Williston Basin/Bakken Shale. The company last month announced a definitive purchase agreement to acquire existing wells and approximately 20,000 net Williston Basin lease acres from Samson Resources for $30 million in cash.
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: 13.12.2012 - 07:20 Uhr
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