NEW YORK, NY--(Marketwire - Mar 4, 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 7 percent year-to-date. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on GMX Resources Inc. (NYSE: GMXR) and Swift Energy Company (NYSE: SFY).
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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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GMX Resources is currently developing its Bakken and Three Forks oil shale resources located in the Williston Basin, North Dakota. The company is also planning test wells in the DJ Basin, Wyoming targeting additional potential oil resources in the Niobrara Petroleum System. The company recently announced the hiring of a financial advisor to assist the Board and senior management in exploring various financing alternatives.
Swift Energy is an independent U.S.-based oil and natural gas company with three core areas of operation in Louisiana and Texas. The company recently reported that for the fourth quarter of 2012 production totaled 3.11 million barrels of oil equivalent, a year-over-year increase of 15 percent, and a sequential increase of 8 percent.
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