Global oil and gas exploration and production segment "overweight"

08/03/04 - Banc of America

NEW YORK, August 3 (New Ratings) - Analyst Robert S Morris of Banc of America Securities maintains his "overweight" stance on the global oil and gas exploration and production segment.

In a research note published this morning, the analyst mentions that the share prices of the global oil and gas exploration and production companies are expected to appreciate in the current year. The consensus forecasts for oil and natural gas prices would continue to rise over the next few months, the analyst believes. Increasing realization in the market of the long-term demand supply situation for oil is likely to boost commodity prices in the near future, the analyst elaborates.