Oil and gas exploration & production segment "overweight"

12/01/04 - Banc of America

NEW YORK, December 1 (newratings.com) - Analysts at Banc of America Securities maintain their "overweight" stance on the global oil and gas exploration & production (E&P) sector.

In a research note published this morning, the analysts mention that E&P stocks would continue to be driven by the movement in commodity prices. However, a warmer-than-normal winter could have a negative impact on natural gas prices, the analysts say. Global oil prices continue to be supported by below-normal distillate and heating oil inventories in the US and the Europe, Banc of America Securities adds.