Spread Between West Texas Intermediate Crude Oil and Europe's Brent Crude Continues to Shrink in 2013

NEW YORK, NY -- (Marketwire) -- 03/21/13 -- U.S. oil and gas companies have benefitted from rising U.S. crude prices in 2013 as expanded pipelines and increased rail shipments have helped eased the supply glut. The iShares Dow Jones US Oil & Gas Exploration & Production ETF (IEO) has surged over 13 percent year-to-date. Research Driven Investing examines investing opportunities in the Oil & Gas Industry and provides equity research on Petroquest Energy Inc. (NYSE: PQ) and Swift Energy Company (NYSE: SFY).

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The gap between West Texas Intermediate crude oil and Europe's Brent crude has fallen to its narrowest margin in eight months. Increased pipeline capacity has been a major contributor to rising U.S. oil prices. Later this this year the Seaway Pipeline, after experiencing some issues in January, will begin to increase shipments to the Gulf Coast. Additionally, the Longhorn pipeline has recently reversed flow and has begun sending oil to refineries along the Gulf Coast. Since reaching a record of 51.9 million barrels in January, inventories at the Cushing, Oklahoma transport hub have fallen to 49.3 million barrels.

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PetroQuest Energy has operations in Oklahoma, Texas, the Gulf Coast Basin, Arkansas and Wyoming. Its core areas also include East Texas. The company reported production for the fourth quarter and year ended 2012 increase by 11 and 13 percent, respectively, when compared to the year ago periods. Shares of the company have rallied roughly 7 percent in the past month.

Swift Energy engages in developing, exploring, acquiring and operating oil and gas properties, with a focus on oil and natural gas reserves onshore in Texas and Louisiana and in the inland waters of Louisiana. The company has announced that in the first quarter they have completed six operated wells in the South Texas core area. Shares of Swift Energy have gained roughly 8 percent in the past month.

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