Energy Stocks Struggle as Oil Prices Continue to Slide
12 June 2012 - 10:20PM
Marketwired
Oil stocks have struggled over the last month amongst concerns of a
potential financial crisis in Europe. The SPDR S&P Oil &
Gas Exploration & Production ETF (XOP) has fallen nearly 10
percent in the past month. Since Europe accounts for approximately
20 percent of the world's consumption of oil, a weak economy would
weigh heavily on oil demand. Five Star Equities examines the
outlook for companies in Oil and Gas Industry and provides equity
research on Magnum Hunter Resources Corp. (NYSE: MHR) and ATP Oil
& Gas Corporation (NASDAQ: ATPG).
Access to the full company reports can be found at:
www.FiveStarEquities.com/MHR
www.FiveStarEquities.com/ATPG
"There have been no 'game changers' this week," said Julian
Jessop, chief global economist for Capital Economics. "The prices
of commodities should end the year much lower than they are
now."
Oil prices dipped below $83 a barrel last Friday after Federal
Reserve Chairman Ben Bernanke comments gave no hint of stimulus
from the central bank to help boost the economy. Bernanke stated
that the Federal Reserve was ready to take action if Europe's
problems began to threaten the U.S. economy, but gave no hint that
any additional measures were coming in the near future. After
factoring in a less-than stellar global economic outlook Barclays
expects crude to trade "sideways" for the next few weeks.
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Magnum Hunter Resources is presently active in three of the most
prolific unconventional shale resource plays in North America,
namely the Marcellus Shale, Utica Shale, Eagle Ford Shale and
Williston Basin/Bakken Shale. The company recently announced the
acquisition of certain Bakken/Three Forks Sanish properties located
in the Williston Basin of North Dakota for $311 million.
ATP Oil & Gas is an international offshore oil and gas
development and production company with operations in the Gulf of
Mexico, Mediterranean Sea and the North Sea. ATP bonds hit their
lowest levels after the company's new CEO Matt McCarroll resigned,
just a week after being appointed.
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