NEW YORK, NY -- (Marketwire) -- 04/04/12 -- The Oil and Gas Industry has seen steady gains recently as Oil companies reap the benefits of rising Oil prices. Oil prices gained 2 percent Monday as global supply concerns arose in the North Sea and as positive U.S. manufacturing data was released. The Paragon Report examines the outlook for companies in the Oil and Gas Industry and provides investment research on BP plc (NYSE: BP) and Marathon Oil Corp. (NYSE: MRO).
Oil rose from a six-week low after Institute for Supply Management's factory index (ISM) increased to 53.4 last month from 52.4, signaling economic growth in the world's biggest crude-consuming country. "Oil prices rose on the better-than-expected ISM manufacturing reading as the strength of the U.S. economy continues to offset deteriorating conditions in Europe and concerns over China's slowdown," said John Kilduff, partner at Again Capital LLC in New York.
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BP recently reported it had shut the Valhall platform in the North Sea last week, while traders said the shutdown led to loading delays of one of the four crude oil streams used for the global price benchmark. A BP spokesman said the Valhall platform in the Norwegian North Sea was shut for unplanned maintenance at the compressor. There was no leak from the platform, he added.
Marathon Oil Corp. recently raised its production forecast for the Bakken formation in North Dakota. Marathon now expects 2012 Bakken output to average 27,500 barrels oil equivalent per day (boed) and 38,000 boed by 2016, up 15 percent increase from its previous 33,000 boed projection.
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