SOURCE: Five Star Equities

Five Star Equities

July 13, 2012 08:20 ET

International Energy Agency Forecasts Global Oil Demand to Rise by 1 Million Barrels a Day in 2013

Five Star Equities Provides Stock Research on ATP Oil & Gas and EXCO Resources

NEW YORK, NY--(Marketwire - Jul 13, 2012) - Oil and gas stocks have continued to be weighed down by falling prices as a less than favorable demand outlook for crude, created by the recent euro crisis, weakens investor optimism in the exploration industry. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has fallen over 10 percent in the last three months. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on ATP Oil & Gas Corp. (NASDAQ: ATPG) and EXCO Resources Inc. (NYSE: XCO).

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On 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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ATP Oil & Gas recently announced the completion of Mississippi Canyon Block 941 A-2 well located in the Mirage Field. Initial test flow rates are at 4,000 barrels equivalent per day of which 90% is oil. The A-2 well will be tied back to the facility immediately and is expected to produce at a rate of 4,000 to 5,000 Boe per day.

EXCO Resources is an oil and natural gas company with principal operations in East Texas, North Louisiana, Appalachia and West Texas. The company reported oil and natural gas production was 49 Bcfe, or 533 Mmcfe per day, for the first quarter 2012 compared with 552 Mmcfe per day in the fourth quarter 2011 and 408 Mmcfe per day in the first quarter 2011. EXCO is scheduled to release second quarter 2012 results on Tuesday, July 31, 2012, after market close.

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