LONDON, March 19, 2013 /PRNewswire/ --
The Energy Information Administration (EIA) earlier this year reported that global crude oil consumption rose by an estimated 0.9 million barrel per day in 2012 to 89.2 barrels per day. The growth in oil consumption was decent given the weakness in the global economy last year. The EIA expects oil demand to grow by 0.9 million barrels per day in 2013 as well. The outlook is based on the fact that global oil production is expected to rise due to strength in North America and demand is expected to remain soft due to weakness in the global economic environment, especially Europe. Oil companies such as Exxon Mobil Corporation (NYSE: XOM), EnCana Corporation (NYSE: ECA), BP Plc (NYSE: BP), and Total S.A. (NYSE: TOT) can expect oil prices to hover around $90 per barrel in 2013. Oil and gas stocks fell sharply on Monday as the broad market finished lower for a second straight trading session. StockCall has issued technical analysis and charting reports on XOM, ECA, BP, and TOT. Download these free reports now at
Energy sector was among the worst performers in the S&P 500 on Monday. Among the major losers in the sector was oil and gas giant Exxon Mobil Corporation, which ended the day 0.67% lower at $88.77 on volume of 11.55 million. The oil and gas giant's shares have traded sideways in the last two weeks even as the broad market rallied. The stock has been struggling to break through $90 resistance level. Yesterday, Exxon Mobil's shares slipped below their 50-day moving average, which is a bearish signal. The bearish trend is further confirmed by recent volume activity and the stock's MACD chart. Download the free research on XOM today by registering at
Shares of EnCana Corporation fell sharply in Monday's trading session. The stock ended the day 1.87% lower at $19.96 on volume of 4.38 million. Despite the sharp decline, the oil and gas major's shares have gained more than 5% in the last three sessions. However, year-to-date, the stock has gained just a little over 1%, underperforming the S&P 500. EnCana Corp.'s shares slipped after failing to break through $20.50 resistance level. The stock's MACD chart is still giving bullish signals. The stock is also trading well above its 50-day moving average. Sign up and have access to our free report on ECA at
Shares of BP Plc saw a sharp decline in trading yesterday, ending the day 1.02% lower at $40.66 on volume of 4.70 million. BP's shares have been trading in a tight range over the past two weeks, struggling to break through $41 resistance level. The stock is trading well below its 50-day and 200-day moving averages, which is a bearish signal. The stock's MACD is also trading below the zero-line, further confirming the bearish trend. Sign up and read the complimentary report on BP at
Shares of Total S.A. slipped in Monday's trading session. The stock closed 1.59% lower at $50 on volume of 1.56 million, taking its losses for the year to nearly 4%. Total's shares fell to an intra-day low of $49.73 on Monday. The stock currently has strong support at around $49. It faces resistance at around $51. The MACD chart for TOT is currently giving bearish signal. The bearish trend is further confirmed by recent volume activity. The free report on TOT can be downloaded by signing up now at
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