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. has imposed counterterrorism sanctions on four oil tankers as part of its efforts to combat terrorism. The sanctions are aimed at disrupting the financial networks that support terrorist activities. The specific details of the sanctions, such as the names of the tankers or the regions they operate in, were not provided in the summary. However, the sanctions could potentially affect the oil market and related ETFs like SPY and USO, which track sectors including energy and oil.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 3:16 pm

The internationally recognized government of Yemen has stated that a U.S./U.K military operation is a response to the Houthi rebels' ongoing targeting of international shipping in the Red Sea. The government blames the Houthis for turning Yemen into a battleground, according to a statement cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 2:32 pm

The United Arab Emirates (UAE) has expressed concern over the impact of attacks on Red Sea shipping routes. These routes are crucial for global trade and any disruption could have significant consequences on the flow of goods and energy prices. The article suggests that such concerns could affect oil prices and mentions the United States Oil Fund (USO) in this context.

Portfolio Pulse from Benzinga Newsdesk

January 12, 2024 | 2:21 pm

Oil prices surged over 4% due to increased Middle East tensions after U.S.-led airstrikes on Houthi rebels in Yemen. Brent crude reached $80.50 a barrel, and WTI hit $75.02. The United States Oil Fund (USO) rose 3.5% in pre-market trade. The conflict raises concerns about oil flow through the critical Strait of Hormuz. Oil stocks like BP, Chevron, and ExxonMobil saw pre-market gains, as did the Energy Select Sector SPDR Fund (XLE). Refined products like gasoline and heating oil also moved higher.

Portfolio Pulse from Neil Dennis

January 12, 2024 | 1:25 pm

Global markets saw mixed results with Asia and Europe mostly rising while U.S. markets closed mixed due to inflation concerns and a strong labor market. U.S. consumer prices rose more than expected, and jobless claims fell. Asian markets were mixed with gains in Japan and India but losses in China and Hong Kong. European markets traded higher. Commodities saw crude oil hit $75 due to Middle East tensions, and gold neared $2,050. U.S. futures were mixed, and the U.S. Dollar Index saw a slight increase.

Portfolio Pulse from Akanksha Bakshi

January 12, 2024 | 11:28 am

The Guardian reported that the US and UK are preparing to launch strikes against the Houthi rebels in Yemen. This action is in response to the Houthis' increased aggression in the Red Sea region, which poses a threat to international shipping lanes and has raised concerns about the security of oil supply routes. The potential military intervention could have implications for oil prices and market stability.

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 9:02 pm

Oil prices surged by 2.5% to over $74 following the seizure of a US-controlled tanker, the St Nikolas, by Iran off the coast of Oman. The incident is part of escalating tensions in the Red Sea region, including Houthi militia strikes and heightened military engagement by US and UK naval forces. The UN Security Council condemned the attacks, with some nations abstaining. The European Union is considering a naval operation to secure navigation in the Red Sea. The United States Oil Fund ETF (USO) rose 3.1% in response to these events.

Portfolio Pulse from Piero Cingari

January 11, 2024 | 5:14 pm

An armed drone was shot down over an air base in Northern Iraq that houses U.S. forces. The incident highlights ongoing security concerns in the region, which could potentially affect oil prices and market stability due to the geopolitical tensions.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 6:30 pm

Oil prices declined after U.S. inventory data indicated a strong build-up in gasoline and distillate stocks, while crude stocks also increased. Nymex WTI and Brent crude both fell, with WTI remaining flat and Brent slightly down. The United States Oil ETF (USO) also dropped 0.1%. The Energy Information Administration (EIA) reported increases in crude oil, gasoline, and distillate stockpiles. The EIA forecasts flat crude oil prices for 2024 and 2025, expecting a balanced global supply and demand. U.S. gasoline pump prices are near a two-year low, with the potential to decrease further unless affected by an arctic blast.

Portfolio Pulse from Neil Dennis

January 10, 2024 | 6:04 pm

The EIA reported a weekly distillates stock build of 6.528 million barrels, significantly higher than the expected build of 2.382 million barrels. This unexpected increase in distillate inventories could suggest lower demand or higher production, potentially impacting fuel prices and related stocks.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 3:30 pm

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