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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U.S. stock markets closed mixed with the S&P 500 hitting a record high, while Asian and European markets were mostly higher. Alibaba's stock surged after Jack Ma's purchase of shares. SAP SE and ASML Holding's strong earnings boosted European tech stocks. Commodities saw gains in crude oil, natural gas, and precious metals. U.S. futures were up in early trading.

Portfolio Pulse from Akanksha Bakshi

January 24, 2024 | 11:40 am

The American Petroleum Institute (API) reported a significant draw in crude oil inventories of 6.674 million barrels, surpassing the estimated draw of 3 million barrels and contrasting with the prior build of 0.483 million barrels.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 9:34 pm

US Middle East Envoy McGurk is in Cairo today for discussions on hostages in the region, aiming for another hostage deal and a humanitarian pause. The visit also includes assessing IDF operations. The White House's Kirby confirms active conversations are ongoing.

Portfolio Pulse from Benzinga Newsdesk

January 23, 2024 | 5:30 pm

Israel has proposed a two-month ceasefire to Hamas, mediated by Qatar and Egypt, to facilitate the release of all hostages in Gaza. The multi-phase deal, approved by the Israeli war cabinet, includes the release of hostages in various categories and the redeployment of Israeli Defense Forces. President Biden's adviser Brett McGurk is involved in talks to progress the negotiations. The White House supports the ceasefire to allow humanitarian aid into Gaza. The deal does not include ending the war or releasing all Palestinian prisoners.

Portfolio Pulse from Benzinga Newsdesk

January 22, 2024 | 8:09 pm

Iran and Pakistan are in talks to de-escalate border tensions after recent airstrikes. Both countries targeted terrorist groups, with Iran striking in Balochistan and Pakistan retaliating in Saravan. The foreign ministers discussed cooperation on security issues. Meanwhile, Iran continues to support allies in the Middle East, with recent strikes in Syria and Iraq, and Houthi rebels in Yemen attacking a U.S.-owned ship. Markets showed little reaction to these events, with a slight dip in oil prices and a small rise in equity markets.

Portfolio Pulse from Neil Dennis

January 19, 2024 | 6:29 pm

The latest U.S. Baker Hughes Oil Rig Count shows a decrease of 2 rigs, while the Gas Rig Count has increased by 3 rigs. This data provides insights into the current state of U.S. energy production and can influence energy stock prices and ETFs related to the oil and gas sector.

Portfolio Pulse from Benzinga Newsdesk

January 19, 2024 | 6:02 pm

U.S. stocks showed mixed performance with tech leading due to AI optimism. Labor data indicated a strong job market. Fed's Bostic suggested rate cuts could start in Q3 if inflation slows. The dollar and Treasury yields rose, while bonds and Bitcoin fell. Oil prices increased after the IEA raised its demand forecast. Major indices and ETFs had varied results, with tech and semiconductors gaining, while utilities and real estate declined. Notable stock movements included NovoCure, Hertz, Tesla, and various chipmakers, while Discover Financial and KeyCorp dropped after earnings misses.

Portfolio Pulse from Piero Cingari

January 18, 2024 | 7:22 pm

The EIA reported a weekly increase in distillates stocks of 2.370 million barrels, compared to the estimated build of 0.880 million barrels and the prior week's build of 6.528 million barrels.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 4:09 pm

USA crude oil inventories experienced a draw of 2.492 million barrels, surpassing the estimated draw of 0.313 million and the prior build of 1.338 million barrels. This indicates a higher than expected decrease in oil inventories.

Portfolio Pulse from Benzinga Newsdesk

January 18, 2024 | 4:09 pm

The latest USA API Weekly Crude Oil Stock report showed a build of 0.483 million barrels, contrary to the estimated draw of 2.400 million barrels and the previous week's draw of 5.215 million barrels.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 9:32 pm

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