ATP Oil & Gas and Quicksilver Resources Jump as Oil Prices Rise
29 Junio 2012 - 7:20AM
Marketwired
Oil stocks received a boost earlier this week as oil prices rose on
positive U.S. manufacturing and housing data. Oil futures on
Wednesday rallied back above $80 a barrel, the highest level in the
past week. The SPDR S&P Oil & Gas Exploration &
Production ETF (XOP) surged 4 percent on Wednesday. The Paragon
Report examines investing opportunities in the Oil & Gas
Industry and provides equity research on ATP Oil & Gas Corp.
(NASDAQ: ATPG) and Quicksilver Resources Inc. (NYSE: KWK).
Access to the full company reports can be found at:
www.ParagonReport.com/ATPG
www.ParagonReport.com/KWK
Data from the Commerce Department showed that factories received
more orders for durable goods in May than previously forecasted.
The National Association of Realtors also reported that pending
U.S. home sales in May were at their highest levels in over two
years. "The durable goods number is giving the market the sense
that things aren't too bad, at least in the U.S.," said Phil Flynn,
senior market analyst at the Price Futures Group. "The economic
data recently seems to be raising expectations for more oil
demand."
On another note, the Energy Department's Energy Information
Administration in their weekly report stated U.S. crude oil
supplies fell by 100,000 barrels for the week ended June 22.
According to Platts analysts had expected a decrease of 1 million
barrels.
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ATP Oil & Gas Corporation is an international offshore oil
and gas development and production company focused in the Gulf of
Mexico, Mediterranean Sea and North Sea. The company has recently
sued the U.S. government for over $68 million in damages due to the
suspension of offshore drilling following the spill in the Gulf of
Mexico. "ATP has incurred significant financing costs to obtain
working capital to replace revenue ATP lost from delayed
production," according to ATP Oil & Gas's complaint.
Quicksilver Resources is an independent oil and gas company
engaged in the exploration, development and acquisition of oil and
gas, primarily from unconventional reservoirs including gas from
shale and coal beds in North America. Shares of the company surged
over 16 percent Wednesday despite having its rating cut by Standard
& Poor's Ratings Services.
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