NEW YORK, NY--(Marketwire - Feb 18, 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 Denbury Resources Inc. (NYSE: DNR) and Talisman Energy Inc. (NYSE: TLM) (TSX: TLM).
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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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Denbury Resources is the largest combined oil and natural gas operator in both Mississippi and Montana, and owns the largest reserves of CO2 used for tertiary oil recovery east of the Mississippi River. At December 31, 2012, the company's total estimated proved oil and natural gas reserves were 409 million barrels of oil equivalent. Shares of Denbury have gained nearly 14 percent-year-to-date.
Talisman Energy has three main operating areas: the Americas (North America and Colombia), Southeast Asia and the North Sea, with an active exploration program across all three. The company has recently reported that production from ongoing operations in 2012 increased 4 percent year-over-year. Shares of Talisman have gained over 9.5 percent year-to-date.
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