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BNO

United States Brent Oil Fund, LP

http://www.unitedstatesbrentoilfund.com

Industry

Asset Management

The Benchmark Futures Contract is the futures contract on Brent crude oil as traded on the Ice Futures Europe Exchange that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire.

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The International Energy Agency (IEA) forecasts a slowdown in oil demand through 2024, contrasting with OPEC+'s more optimistic outlook. The IEA cites a 'decidedly bearish' market sentiment and predicts a reduction in oil consumption growth next year due to weaker global economic performance and diminishing Covid-19 impacts. This comes as the COP28 climate summit pushes for a transition from fossil fuels. The United States Oil Fund (USO) saw a pre-market drop of 0.2% following a 3.8% loss, reflecting the pressure on oil prices.

Portfolio Pulse from Benzinga Neuro

December 14, 2023 | 12:12 pm

OPEC+ is reportedly nearing a preliminary agreement to deepen oil production cuts by an additional 1 million barrels per day, on top of Saudi Arabia's voluntary reduction. This decision could lead to total cuts nearing 2 million bpd for Q1 2024. Oil prices have risen, with WTI at $77.82 and Brent at $83.90. The cuts are a proactive measure in response to expected lower demand and a potential decline in oil prices next year due to abundant supplies and economic downturn.

Portfolio Pulse from Vandana Singh

November 30, 2023 | 5:19 pm

A subsea gas pipeline and a telecommunications cable connecting Finland and Estonia have been damaged in a suspected deliberate act. The Balticconnector gas pipeline was shut down due to a potential gas leak, and the damaged telecommunications cable raised concerns about regional connectivity. Despite the damage, Finland's energy supply remains stable, and no gas shortages are expected. The incident has caused European gas prices to surge, reaching a six-month high. Finnish telecommunications operator Elisa confirmed that the damaged cable did not disrupt its services.

Portfolio Pulse from Vandana Singh

October 10, 2023 | 6:53 pm

The U.S. Justice Department is investigating potential violations of sanctions on Russia's energy exports, focusing on Murtaza Lakhani, CEO of Mercantile & Maritime Group. The probe also includes Lakhani's ties to Rosneft Oil. The U.S. government has established Task Force KleptoCapture to reinforce oil sanctions against Russia. The surge in oil prices has raised concerns about Russia's ability to profit from its oil sales, prompting renewed focus on enforcing these sanctions.

Portfolio Pulse from Vandana Singh

October 09, 2023 | 4:43 pm

The director of California's Division of Petroleum Market Oversight (DPMO), Tai Milder, has raised concerns over rising gasoline prices in a letter to Governor Gavin Newsom. The DPMO's review of recent data revealed that some refineries failed to maintain adequate gasoline levels or import enough fuel to compensate for production shortfalls during the summer. This has contributed to the surge in prices and planned and unplanned refinery outages. The rising cost of crude oil, driven by Russia's invasion of Ukraine, has also contributed to the price increase.

Portfolio Pulse from Vandana Singh

September 26, 2023 | 4:35 pm

Saudi Arabia is reportedly considering selling up to $50 billion worth of shares in Aramco, the world's most valuable oil company, on the Riyadh exchange. This could be the largest offering in capital market history. The launch of these shares may occur before the end of the year. Aramco has been in talks with potential investors, including multinational oil companies and sovereign-wealth funds.

Portfolio Pulse from Vandana Singh

September 01, 2023 | 4:09 pm

Oil prices traded slightly lower due to possibilities of a slowdown led by extended rate hikes by the Federal Reserve. Recent data supports further rate hikes by the Fed. Factory activity growth in China showed signs of slowing down in June. Analysts anticipate tighter supplies and a potential price boost in the second half of the year. The United States Brent Oil Fund LP (BNO) closed 1.15% higher, while the Vanguard Energy Index Fund ETF (VDE) gained 0.68%.

Portfolio Pulse from Bhavik Nair

July 03, 2023 | 7:03 am

Oil prices rose amid geopolitical concerns surrounding Russia and potential supply disruptions. Jim Cramer advised against betting on oil prices going much higher, citing Russia's transactional friendships with China and India. Oil prices were also held back by concerns of extended rate hikes by central banks and fears of a subsequent recession.

Portfolio Pulse from Bhavik Nair

June 27, 2023 | 4:20 am

Oil prices rose during Monday's Asian trading session following the attempted coup against Russian President Vladimir Putin. West Texas Intermediate and Brent futures increased, while concerns about a global slowdown and potential rate hikes remain. The United States Brent Oil Fund LP (BNO) and the Vanguard Energy Index Fund ETF (VDE) experienced declines on Friday.

Portfolio Pulse from Bhavik Nair

June 26, 2023 | 2:01 am

GOP presidential candidate Tim Scott and eight Senate colleagues introduced the Pay Less at the Pump Act, aiming to lower energy prices by repealing the $10.5 billion Superfund Tax on crude oil and imported petroleum products. Oil prices fell on Wednesday due to an unexpected rise in U.S. crude stocks, while the United States Brent Oil Fund (BNO) and Vanguard Energy Index Fund ETF (VDE) experienced gains.

Portfolio Pulse from Bhavik Nair

June 14, 2023 | 4:30 am

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