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USL

United States 12 Month Oil Fund, LP

http://www.uscfinvestments.com/usl

Industry

Asset Management

The fund invests primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels. The Benchmark Oil Futures Contracts are the futures contracts on light, sweet crude oil as traded on the New York Mercantile Exchange.

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OPEC+ has decided to delay its planned oil output increase for October and November due to recent drops in crude prices. This decision has temporarily lifted oil prices, but concerns remain about future demand and supply dynamics. Analysts suggest that OPEC+ may need to maintain cuts to stabilize prices.

Portfolio Pulse from Lekha Gupta

September 06, 2024 | 12:23 pm

Citi warns that oil prices could fall below $60 per barrel by 2025 if OPEC+ doesn't cut production further, due to reduced demand and increased supply from non-OPEC countries. The market may lose confidence in OPEC+ maintaining the $70 level, and Citi recommends selling into rallies when Brent nears $80. Goldman Sachs also predicts a potential decrease in oil prices due to AI advancements.

Portfolio Pulse from Lekha Gupta

September 05, 2024 | 4:42 pm

Iraq plans to resume oil exports to Turkey via the Kirkuk-Ceyhan pipeline, inactive for a decade, with a potential export capacity of 350,000 barrels per day. This development comes amid stalled negotiations with the Kurdistan Regional Government and could significantly impact regional oil exports and the global oil market, which is already facing tight supply and rising demand.

Portfolio Pulse from Benzinga Neuro

April 08, 2024 | 11:34 am

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.