SOURCE: The Bedford Report

The Bedford Report

August 30, 2010 09:15 ET

Research Reports on BP plc (NYSE: BP) & Chevron Corporation (NYSE: CVX) - Bedford Report Initiates Coverage on Oil & Gas Companies

Note to Editors: The Following Is an Investment Opinion Being Issued by The Bedford Report

TORONTO--(Marketwire - August 30, 2010) - The Bedford Report has commenced coverage on the Major Integrated Oil & Gas Industry and has issued Research Reports on BP plc (NYSE: BP) and Chevron Corporation (NYSE: CVX). Access to the full company reports can be found at www.bedfordreport.com

In recent months the market conditions for Oil & Gas have been relatively weak. Stockpiles of crude oil remain well above the average for this time of year, negatively affecting the price, and product inventories of gasoline and distillate stocks are also higher than usual, further dragging down the price of crude oil. The driving force behind the high industries would appear to be demand side related, with negative growth in demand being posted for two years consecutively for the first time since the early 1980's.

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The markets have not been kind to natural gas, but data would seem to indicate the underperformance is more related to supply side issues in the natural gas market. Demand for natural gas has increased thru the early summer months, but these increases have not been able to keep pace with supply. The supply glut is primarily being driven by a rapid rise drilling rig utilization, as well as technological improvements in horizontal drilling & hydraulic fracturing techniques.

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