NEW YORK, NY--(Marketwire - Feb 19, 2013) - 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 Hyperdynamics Corporation (NYSE: HDY) and Petroquest Energy Inc. (NYSE: PQ).
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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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Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa and holds one of the largest offshore exploration acreage positions (originally 31,000 square miles) in West Africa. Shares of the company have surged nearly 30 percent in the past week after announcing it had completed an updated oil resource evaluation.
PetroQuest Energy is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Arkoma Basin, Wyoming, Texas, South Louisiana and the shallow waters of the Gulf of Mexico. The Company's estimated proved reserves at December 31, 2012 were comprised of 85% natural gas, 4% oil and 11% natural gas liquids.
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