|By Marketwire .||
|November 9, 2012 08:20 AM EST||
NEW YORK, NY -- (Marketwire) -- 11/09/12 -- Abundant supplies and concerns regarding the health of the global economy have sent oil prices on a steady decline since around mid-September. Oil prices earlier this month fell to four-month lows as missed earnings from major industrial companies have pressured prices lower. The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has fallen over 6 percent in the last month. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on Goodrich Petroleum Corporation (NYSE: GDP) and Petroquest Energy Inc. (NYSE: PQ).
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Oil futures, which haven't closed below $86 since mid-July, fell to a low of $85.69 earlier this month. Oil prices have fallen approximately 13 percent this year. Weak outlooks recently provided by major companies such as Caterpillar, DuPont, and 3M have raised concerns that the global economy is weakening, which could further reduce demand for oil. The Energy Information Administration last month reported that oil production in the U.S. was at a 15 year high, despite lower demand.
"There is a correlation between the equity markets and the oil price," said CMC Markets analyst, Michael Hewson. "We've had various companies missing price forecasts and these concerns about the future outlook for earnings are keeping a lid on oil prices."
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Goodrich Petroleum is an independent exploration and production company that drills for, acquires, develops and produces natural gas and crude oil primarily in the Haynesville Shale and Cotton Valley Trend in East Texas and North Louisiana, and the Eagle Ford Shale oil window of South Texas. Shares of the company fell sharply earlier this week after reporting third quarter results that fell short of analysts' estimates.
PetroQuest Energy is an independent energy company engaged in the exploration, development, acquisition and production of oil and natural gas reserves in the Arkoma Basin, East Texas, South Louisiana and the shallow waters of the Gulf of Mexico. Shares of PetroQuest Energy fell sharply earlier this week after the company reported it swung to a net loss of $38,639,000, in the third quarter compared to a net income of $3,727,000 in the year ago quarter.
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