SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Oct 11, 2012) - The recent economic slowdown in Europe and China has seen global oil demand fall in 2012. Oil prices have recently slipped to a two-month low after government reports showed oil production in the U.S. has 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 BP plc (NYSE: BP) and Chevron Corporation (NYSE: CVX).
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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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Chevron recently reported that it expects third quarter 2012 earnings to be "substantially lower" than second quarter 2012. Production was effected by Hurricane Isaac and an August fire at their California refinery. The company is scheduled to release their third quarter 2012 results on November 2, 2012.
BP recently reported that it has finally found a buy for its Texas City refinery, one of the biggest in the U.S. BP will sell its refinery and a portion of its retail and logistics network in the Southeast U.S. to Marathon Petroleum Corporation for $2.5 billion. "Today's announcement is the second major milestone in the strategic refocusing of our U.S. fuels business," said Iain Conn, chief executive of BP's global refining and marketing business.
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