Oil Prices Continue Slide as U.S. Supplies Hit Highest Levels in 22Years
Five Star Equities Provides Stock Research on Forest Oil and Denbury Resources
NEW YORK, NY, Jun 25, 2012 (Menafn - MARKETWIRE via COMTEX) --Disappointing news from China, the U.S. and Europe have seencommodity prices slide as concerns of the global economy continues togrow. "Fears about the economy are making people very leery," saidMichael Lynch, the president of Strategic Energy & Economic Research."The jobless claims, the manufacturing data and all the economic dataare coming together to push almost everything down." Five StarEquities examines the outlook for companies in the Oil & Gas Industryand provides equity research on Forest Oil Corporation FSTand Denbury Resources Inc. DNR.
Access to the full company reports can be found at:
The Energy Information Administration on last Wednesday reported thatoil supplies grew by 2.9 million barrels for the week ending June 15.Oil supplies were predicted to drop by 1.3 million barrels accordingto the median of 11 analyst estimates in the Bloomberg survey. Therecent boom in North American oil production has seen supplies riseto their highest levels in 22 years. The department's report showedthat U.S. crude production surged 117,000 barrels to 6.35 million,the highest since 1999.
"The U.S. is flush with oil right now," independent analyst andtrader Stephen Schork said. "And if you factor in the economic messin Europe, slower economic growth in China, and probablyoverproduction from the Saudis in preparation for the Iranian oilembargo, the world has a comfortable supply."
Five Star Equities releases regular market updates on the Oil & GasIndustry so investors can stay ahead of the crowd and make the bestinvestment decisions to maximize their returns. Take a few minutes toregister with us free at www.FiveStarEquities.com and get exclusiveaccess to our numerous stock reports and industry newsletters.
Forest Oil and its subsidiaries are engaged in the exploration,acquisition, development, production and marketing of natural gas andcrude oil in the United States and in select international locations.The company holds principal reserves and producing properties inArkansas, Louisiana, New Mexico, Oklahoma, Texas, Utah, and Wyoming.The company previously reported that first quarter 2012 oil net salesvolumes increased 47 percent from first quarter 2011 and 4 percentfrom fourth quarter 2011.
Denbury Resources is a growing independent oil and gas company. TheCompany is the largest oil and natural gas producer in bothMississippi and Montana, owns the largest reserves of carbon dioxide(CO2) used for tertiary oil recovery east of the Mississippi River,and holds significant operating acreage in the Rocky Mountain andGulf Coast regions. The company recently announced the acquisition ofThompson Field in Fort Bend County, Texas for cash consideration ofapproximately 360 million.
Five Star Equities provides Market Research focused on equities thatoffer growth opportunities, value, and strong potential return. Westrive to provide the most up-to-date market activities. Weconstantly create research reports and newsletters for our members.Five Star Equities has not been compensated by any of theabove-mentioned companies. We act as an independent research portaland are aware that all investment entails inherent risks. Please viewthe full disclaimer at:
Five Star Equities
SOURCE: Five Star Equities
Copyright 2012 Marketwire, Inc., All rights reserved.