Streetbeat News

UGA

United States Gasoline Fund, LP

http://www.uscfinvestments.com/uga

Industry

Asset Management

The fund invests in futures contracts for gasoline, other types of gasoline, crude oil, diesel-heating oil, natural gas and other petroleum-based fuels. The Benchmark Futures Contract is the futures contract on gasoline as traded on the New York Mercantile Exchange that is the near month contract to expire, except when the near month contract is within two weeks of expiration.

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The Biden administration plans to release 1 million barrels of gasoline from reserves to curb rising fuel prices in the Northeast. This move, aimed at easing costs between Memorial Day and July 4, has led to a decline in gasoline futures and energy-related stocks. Former President Trump criticized the action, attributing it to Biden's inability to drill properly.

Portfolio Pulse from Piero Cingari

May 22, 2024 | 2:46 pm

Gas prices are rising, with the national average at $3.49 and some West Coast states over $4. The surge is attributed to drone attacks on Russian refineries by Ukraine, affecting up to 15% of Russia's refining capacity. This has led to higher wholesale gasoline prices, with the United States Gasoline Fund (UGA) reaching its highest level since September. Crude oil prices are also near four-month highs, impacting U.S. inflation and delaying expected Federal Reserve rate cuts. Exxon Mobil Corp (XOM) and Chevron Corp (CVX) stocks have risen due to the strength in oil prices, as has the Energy Select Sector SPDR Fund (XLE), which tracks U.S. oil companies.

Portfolio Pulse from Neil Dennis

March 19, 2024 | 2:48 pm

A Houthi missile attack on the M/V True Confidence in the Gulf of Aden killed three and injured several, disrupting global trade and causing freight carriers to avoid the Red Sea route, leading to increased shipping rates. Oil prices have risen to four-month highs amid the Gaza conflict, affecting the United States Oil Fund (USO), which saw a 1.2% rise but a 0.6% dip in pre-market trade. The United States Gasoline Fund ETF (UGA) is up 16%, and the United States Natural Gas Fund ETF (UNG) gained 5.5% after EQT Corporation announced a production cut. Cease-fire talks in Gaza are deadlocked, raising fears of increased regional tensions.

Portfolio Pulse from Neil Dennis

March 07, 2024 | 1:44 pm

Gasoline pump prices have surged to near a 1-year high, with the national average reaching $3.30 a gallon, driven by rising crude oil prices amid Middle East tensions and attacks on oil shipments. The United States Oil Fund (USO) and the United States Gasoline Fund ETF (UGA) have seen significant movements, with USO near a three-month high. The situation is exacerbated by falling gasoline stockpiles and potential refinery disruptions due to severe weather in the Midwest, affecting facilities like Exxon Mobil Corp's (XOM), Citgo's, and BP Plc's (BP). This rise in fuel prices could influence inflation expectations and the Federal Reserve's rate cut decisions.

Portfolio Pulse from Neil Dennis

February 28, 2024 | 3:39 pm

Oil prices rose due to concerns over supply disruptions following Iran's ballistic missile test and OPEC's raised economic forecasts. Nymex WTI and Brent crude saw increases, as did the United States Oil Fund (USO) and United States Gasoline Fund (UGA) ETFs. Iran's missile test in the Gulf of Oman raised concerns over potential impacts on oil shipping. Meanwhile, high demand and tighter supply have pushed U.S. gasoline prices up, with wholesale gasoline prices reaching their highest level since late September.

Portfolio Pulse from Neil Dennis

February 13, 2024 | 8:49 pm

U.S. gasoline prices are expected to fall below $3 a gallon by Christmas, a level not seen since May 2021, as wholesale gasoline prices drop below $2. The United States Gasoline Fund (UGA) ETF, which tracks gas prices, was up 2% at $59.30 despite the fall in pump prices. Oil markets are known for their volatility, and while U.S. consumers may benefit from lower prices, Europeans are facing much higher costs, with prices over $7 a gallon in the UK and France.

Portfolio Pulse from Neil Dennis

December 08, 2023 | 6:01 pm

Gas prices remain calm during Memorial Day weekend, with the nationwide average price of regular gasoline at $3.578 a gallon. However, AAA warns of an uncertain future for gas prices. The United States Gasoline Fund, LP (NYSE:UGA) ended Friday's session 1.46% higher at $61.35 a barrel.

Portfolio Pulse from Shanthi Rexaline

May 29, 2023 | 7:09 am

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