|By Marketwired .||
|January 10, 2013 08:20 AM EST||
NEW YORK, NY -- (Marketwire) -- 01/10/13 -- U.S. oil stocks will look to benefit from plans to re-open the Seaway Pipeline. By the end of this week, Operators Enterprise Products Partners LP and Enbridge Inc. have announced 400,000 barrels of oil will flow through their pipeline. The Paragon Report examines investing opportunities in the Oil & Gas Industry and provides equity research on Carrizo Oil & Gas, Inc. (NASDAQ: CRZO) and Goodrich Petroleum Corporation (NYSE: GDP).
The gap between West Texas Intermediate crude oil and Europe's Brent crude since the start of the year has shrunk 6.4 percent to its narrowest margin since September. The U.S. benchmark has fallen in value as increased domestic production and lack of access to pipelines to transport crude to refineries have created a supply glut. The Department of Energy recently reported that oil inventories at the Cushing oil-transport hub was at an all-time high of 49.8 million-barrels. The Seaway Pipeline transport oil from the Cushing hub to refineries along the Gulf Coast.
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Carrizo Oil & Gas is actively engaged in the exploration, development, and production of oil and gas primarily in the United States and United Kingdom. The company's current operations are principally focused in proven, producing oil and gas plays primarily in the Eagle Ford Shale, the Niobrara Formation, the Barnett Shale and the Marcellus Shale.
Goodrich Petroleum owns working interests in 401 producing oil and natural gas wells located in 29 fields in five states. The company forecasts oil volumes to increase by 40 to 60% year-over-year in 2013. For the year, oil volumes are estimated to comprise approximately 30 to 35% of total production.
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