NEW YORK, NY -- (Marketwire) -- 02/15/13 -- The Oil & Gas Industry has experienced a good start to 2013 as improvements in the global economy has seen both the U.S. Energy Information Administration (EIA) and OPEC raise their forecasts for global oil demand in 2013. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has gained over 10 percent year-to-date. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Goodrich Petroleum Corporation (NYSE: GDP) and Halcon Resources Corp. (NYSE: HK).
The EIA has raised its 2013 growth forecasts by 110,000 barrels per day (bpd) to 1.05 million bpd in 2013. Global oil demand is now expected to total 90.2 million bpd this year. The increase follows a report from OPEC earlier in the week projecting oil demand to increase by 840,000 bpd, 80,000 bpd higher than its previous estimate. Prices for Brent Crude have gained approximately 10 percent year-to-date hitting a 10-month high of over $118 a barrel.
"Market fundamentals and expectations strengthened in January 2013 because of earlier than-expected cutbacks in Saudi Arabian oil production and greater optimism about economic growth, particularly in China," the EIA said in its report.
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Goodrich Petroleum is an independent exploration and production company that drills for, acquires, develops and produces natural gas and crude oil primarily in the Haynesville Shale and Cotton Valley Trend in East Texas and North Louisiana, and the Eagle Ford Shale oil window of South Texas. Shares of the company surged earlier this month after announcing the completion of its Crosby 12H-1, which is producing at a current production rate of 1,250 barrels of oil equivalent.
Halcón Resources 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 is scheduled to release results for the fourth quarter and full year 2012 on Thursday February 28th. Shares of Halcón have gained 8 percent year-to-date.
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