SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Jun 8, 2012) - Oil stocks received a boost Wednesday as Oil rose for the third consecutive day, and U.S. oil inventories showed a small decline. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) -- which seeks to replicate the performance of the S&P Oil & Gas Exploration & Production Select Industry Index -- jumped over 3 percent in Wednesday trading. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Chevron Corporation (NYSE: CVX) and Suncor Energy Inc. (NYSE: SU)(TSX: SU).
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Prices for Brent crude reached over $100 Wednesday in London, and benchmark oil jumped $1.28 to $85.56 per barrel. Federal Reserve Chairman Ben Bernanke will be speaking before Congress, and a key factor will be Bernanke's thoughts on the less than stellar May jobs report. May saw the fewest jobs added in almost a year, 69,000 jobs, and saw the unemployment rate jump from 8.1 percent to 8.2 percent. "If he thinks it's bad and his mandate is full employment, the odds of a stimulus go up," Price Futures Group analyst Phil Flynn said.
The Energy Department on Wednesday reported U.S. oil inventories saw their first decline in 11 weeks. U.S. crude oil supplies fell by 100,000 barrels to 384.6 million, the total is still 4.2 percent above last year's total according to the Energy Department's Energy Information Administration weekly report.
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Chevron Corporation last month announced that its Australian subsidiaries have signed a non-binding Heads of Agreement (HOA) with Tohoku Electric Power Company Incorporated for the delivery of liquefied natural gas (LNG) from the Chevron-operated Wheatstone natural gas project in Australia. Under the agreement, Chevron, together with Apache Energy and Kuwait Foreign Petroleum Exploration Company (KUFPEC), is expected to deliver up to 1 million tons per annum (MTPA) of LNG to Tohoku for up to 20 years.
Suncor Energy recorded first quarter 2012 net earnings of $1.457 billion ($0.93 per common share), compared to net earnings of $1.028 billion ($0.65 per common share) for the first quarter of 2011. The company's Board of Directors previously approved an increase in the company's quarterly dividend to $0.13 per share on its common shares, from the previous level of $0.11 per share.
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