Oil Prices Continue to Slide as Oil Inventories Hit Highest Level in 22 Years
The Paragon Report Provides Stock Research on Chevron and ConocoPhillipsNEW YORK, NY -- (Marketwire) -- 06/28/12 -- Disappointing news from China, the U.S. and Europe have seen commodity prices slide as concerns of the global economy continues to grow. "Fears about the economy are making people very leery," said Michael Lynch, the president of Strategic Energy & Economic Research. "The jobless claims, the manufacturing data and all the economic data are coming together to push almost everything down." The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Chevron Corporation (NYSE: CVX) and ConocoPhillips (NYSE: COP).
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The Energy Information Administration on last Wednesday reported that oil supplies grew by 2.9 million barrels to 387.3 million for the week ending June 15. Oil supplies were predicted to drop by 1.3 million barrels according to the median of 11 analyst estimates in the Bloomberg survey. The recent boom in North American oil production has seen supplies rise to their highest levels in 22 years. The department's report showed that U.S. crude production surged 117,000 barrels a day to 6.35 million for the week ended June 15, the highest since 1999.
"The U.S. is flush with oil right now," independent analyst and trader Stephen Schork said. "And if you factor in the economic mess in Europe, slower economic growth in China, and probably overproduction from the Saudis in preparation for the Iranian oil embargo, the world has a comfortable supply."
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Chevron recently entered into an agreement with Kosmos Energy in which Chevron Global Energy Inc., a wholly owned subsidiary of Chevron, would receive a 50 percent working interest in Blocks 42 and 45 offshore Suriname. Chevron will become the operator following any commercial discoveries. "This agreement enables us to explore for new resources in this frontier basin," said George Kirkland, vice chairman, Chevron Corporation. "These blocks are on trend with new deep water Cretaceous discoveries in the region."
ConocoPhillips has recently restarted LNG exports from its Alaska plant, a facility they had previously planned to shut down. Natalie Lowman, spokeswoman for the company, stated that they had sent a shipment of LNG to Japan last month and expects to send another 4 or 5 shipments by the end of the year. ConocoPhillips has full ownership of the plant after purchasing Marathon's 30 percent share back in September.
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