NEW YORK, NY--(Marketwire - Feb 15, 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 Enerplus Corp. (NYSE: ERF)(TSX: ERF) and Gran Tierra Energy Inc. (NYSE: GTE)(TSX: GTE).
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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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Enerplus is a North American energy producer with a diversified asset base of oil and gas assets that offer both a stable cash flow stream as well as growth potential. The company is scheduled to release results for the fourth quarter on Friday, February 22nd. Enerplus offers investors an annual dividend of $1.08 per share for a dividend yield of approximately 8.2 percent.
Gran Tierra Energy is an international oil and gas exploration and production company that holds interests in producing and prospective properties in Colombia, Argentina, Peru, and Brazil. Shares of the company rose sharply earlier this month after reporting an oil discovery in Peru. Shares of Gran Tierra have gained nearly 7 percent in the past week.
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