NEW YORK, NY--(Marketwire - Oct 5, 2012) - The recent economic slowdowns in Europe and China has seen global oil demand fall in 2012. Oil prices on Wednesday fell to a two-month low after government reports showed oil production in the U.S. have surged to a 15-year high and fuel demand decreased. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Abraxas Petroleum Corp. (NASDAQ: AXAS) and Halcon Resources Corp. (NYSE: HK).
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The Energy Information Administration on Wednesday reported that oil production in the U.S. was at its highest level since December 1996 reaching 6.52 million barrels a day last week, sending oil futures down as much as 3.9 percent. For the week ending September 28 fuel demand had also dropped to 18.3 million barrels a day, a 5 month low.
"The inventory numbers were rather neutral but demand looks pretty awful," said Michael Lynch, president of Strategic Energy & Economic Research. "A weak economy and falling demand will probably leave us with fuller oil tanks in the months to come."
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Abraxas Petroleum holds operations across the Rocky Mountain, Mid-Continent, Permian Basin and onshore Gulf Coast regions of the United States and in the province of Alberta, Canada. The company recently reported that the Spires Ranch 89-1H well is currently flowing approximately 828 barrels of oil per day and 734 mcf per day of gas on a 30/64 inch choke.
Halcón Resources is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States. The company plans to spud 18 to 22 wells in their Woodbine/Eagle Ford play during the second half of 2012 with an average working interest of approximately 84%.
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