SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Oct 9, 2012) - The recent economic slowdown 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. has 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 Hercules Offshore, Inc. (NASDAQ: HERO) and Seadrill Ltd. (NYSE: SDRL).
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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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Hercules Offshore offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in several key shallow water provinces around the world. The company in August closed the sale of their Platform Rig 3 for approximately $36 million.
Seadrill operates a versatile fleet of 67 units that comprises drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas. As part of their plans to implement a new management structure the company recently appointed Fredrik Halvorsen, currently the CEO of Archer Limited, as new Chief Executive Officer.
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