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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USA crude oil inventories experienced a significant increase, reporting a build of 12.018 million barrels compared to the estimated build of 3.300 million barrels and the prior build of 5.521 million barrels. This unexpected rise indicates a potential oversupply in the market.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 3:49 pm

The Iraq Oil Ministry has committed to revising and correcting any increases in its crude production over the next four months to comply with the OPEC+ agreement. This commitment includes adhering to voluntary cuts agreed upon in the last OPEC+ meeting, as reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

February 14, 2024 | 3:44 pm

U.S. stock markets closed lower on February 13th due to an unexpected surge in consumer inflation, leading to a decline in the Dow Jones, S&P 500, and Nasdaq. Asian markets were mixed, with Japan and Australia seeing losses, while India and Hong Kong gained. European markets and U.S. futures were up in early trading. Crude oil prices increased, while natural gas and precious metals saw mixed movements.

Portfolio Pulse from Akanksha Bakshi

February 14, 2024 | 12:56 pm

The API reported a weekly crude oil stock build of 8.520 million barrels, significantly higher than the estimated 2.600 million barrels. This unexpected increase in crude oil inventories could impact oil prices and related assets.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 9:36 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

Shell has pulled out of negotiations with Iraq regarding the construction of a petrochemicals plant in Basra, a key oil hub in the south of the country. This decision could impact future investment and development plans in the region.

Portfolio Pulse from Benzinga Newsdesk

February 13, 2024 | 4:45 pm

The Biden administration has allocated $1.2 billion to support direct air capture technology, a method to extract CO2 from the atmosphere, with Occidental Petroleum Corp. (OXY) being a main recipient. This initiative aims to help achieve a net zero carbon emissions target by 2050, despite controversy over its potential to extend the oil industry's lifespan. The United States Oil ETF (USO) has seen a 9% increase in value due to rising oil prices and geopolitical concerns.

Portfolio Pulse from Caleb Naysmith

February 13, 2024 | 2:00 pm

On February 12th, U.S. stock markets ended mixed with the Nasdaq down, the Dow up, and the S&P 500 slightly down. Japan's Nikkei 225 surged, led by gains in several sectors, while European markets and Australia's S&P/ASX 200 saw declines. Crude oil prices increased, and the U.S. dollar index slightly fell.

Portfolio Pulse from Akanksha Bakshi

February 13, 2024 | 12:56 pm

OPEC has maintained its global oil-demand growth forecasts, projecting a growth of 2.2 million barrels per day (B/D) for 2024 and 1.8 million B/D for 2025, according to the Wall Street Journal.

Portfolio Pulse from Charles Gross

February 13, 2024 | 12:54 pm

According to the Wall Street Journal, citing OPEC sources, OPEC's crude output decreased by 350,000 barrels per day (B/D) in January, bringing the total to 26.3 million B/D.

Portfolio Pulse from Charles Gross

February 13, 2024 | 12:53 pm

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