Streetbeat News

USO

United States Oil Fund, LP

http://www.unitedstatesoilfund.com

Industry

Asset Management

USO 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.

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The U.S. State Department commented on the death of two sailors in a Houthi attack in the Red Sea, stating it was 'sadly inevitable' and reaffirmed the U.S. commitment to hold the Houthis accountable for their actions.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 6:28 pm

The article discusses the current state of the stock market, focusing on Apple Inc (AAPL) reaching a critical support level and the anticipation of Federal Reserve Chair Powell's testimony. It highlights the aggressive buying of tech stocks, crypto, and other assets by the 'momo crowd' in hopes of dovish remarks from Powell. The article also mentions positive early trade money flows in several major tech companies and ETFs, while Tesla Inc (TSLA) experiences negative flows. Additionally, it covers the buying of gold and oil by the momo crowd and provides general investment advice.

Portfolio Pulse from The Arora Report

March 06, 2024 | 5:03 pm

The Energy Information Administration (EIA) reported a significant draw in weekly distillates stocks of 4.131 million, surpassing the estimated draw of 1 million and the previous draw of 0.510 million. This indicates a higher than expected decrease in distillate fuel inventories.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 3:30 pm

USA crude oil inventories increased by 1.367 million barrels, which is lower than the estimated build of 2.400 million barrels and the previous build of 4.199 million barrels.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 3:30 pm

U.S. markets closed lower with major indexes down over 1%, impacted by declines in tech and chip sectors. Economic data showed a drop in U.S. factory orders and ISM services PMI. Apple shares fell due to decreased iPhone sales in China. Asian and European markets were mixed, with commodities like gold trading near lifetime highs amid U.S. rate cut expectations.

Portfolio Pulse from Akanksha Bakshi

March 06, 2024 | 12:08 pm

The API reported a weekly crude oil stock build of 423K barrels, significantly lower than the estimated 2.6M barrel build. This suggests a tighter oil supply than expected.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 9:39 pm

U.S. National Security Advisor Sullivan met with the Prime Minister of Qatar to discuss efforts aimed at securing the release of hostages held by Hamas, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 9:01 pm

Russian President Vladimir Putin stated that the objective of OPEC+ is to achieve price stability in the oil market, rather than to increase prices. This clarification comes amid concerns over rising oil prices and their impact on the global economy.

Portfolio Pulse from Benzinga Newsdesk

March 05, 2024 | 4:17 pm

Super Micro Computer Inc (SMCI) has become a YOLO stock, with its price running up due to its addition to the S&P 500 and becoming a favorite among the momo crowd, despite its high volatility and lack of a competitive moat compared to companies like NVIDIA (NVDA). The article warns investors of the risks associated with YOLO stocks, which have historically seen significant losses after rapid gains. It also mentions the overall stock market sentiment, the performance of major tech stocks, and movements in gold, oil, and Bitcoin prices.

Portfolio Pulse from The Arora Report

March 04, 2024 | 4:45 pm

Natural gas prices surged after EQT Corporation announced a production cut, leading to a 5.6% increase in U.S. natural gas futures. The United States Natural Gas Fund and the ProShares Ultra Bloomberg Natural Gas also saw significant increases. EQT's shares rose slightly in pre-market trading. Meanwhile, oil prices dipped as OPEC+ extended production curbs, affecting the United States Oil Fund. The decision came despite a recent increase in oil production by some OPEC+ members.

Portfolio Pulse from Neil Dennis

March 04, 2024 | 2:03 pm

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