SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Jul 19, 2012) - Oil stocks received a boost Tuesday as oil prices increased for a fifth consecutive day. A recent report from the Federal Reserve showed that U.S. industrial production increased in June. "The economic data is pretty good and it's painting a better picture for oil demand," Phil Flynn, senior market analyst at the Price Futures Group said on Tuesday. "The market is getting prepared for tomorrow's inventory report." Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Forest Oil Corporation (NYSE: FST) and Carrizo Oil & Gas, Inc. (NASDAQ: CRZO).
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Last Thursday, the International Energy Agency stated they expect global oil demand to increase by 1 million barrels a day in 2013. In their report the IEA forecasts global oil demand in 2013 will rise 1.1 percent to average 90.9 million barrels a day. While the rise comes as a welcome sign, demand is still "well below" the levels before the financial crisis.
"While the economic risks encompassed in our weaker GDP and demand profile this month also hint at something of a price ceiling, the latent potential of emerging market demand growth and ongoing risk of nasty supply surprises could keep prices stubbornly high in absolute terms," the IEA report said.
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Forest Oil recently reported that since their last operational updated they have completed an addition three wells in the central fairway of their Eagle Ford acreage position. The wells had an average 24-hour production rate of 787 Boe/d (96 percent oil).The company is scheduled to release second quarter 2012 earnings after market close on Monday, July 30, 2012.
Carrizo Oil & Gas is an industry leader in horizontal development drilling having drilled and completed nearly 300 extended reach horizontal development wells in a number of different resource shale formations. For the first quarter of 2012 the company reported record oil production of 5,945 Bbls/d, an increase of 91 percent from the fourth quarter of 2011.
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