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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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Oil prices fell after the U.S. Energy Information Administration reported unexpected increases in gasoline and other refined product stockpiles, indicating slowing demand. Brent crude and Nymex WTI both experienced volatility, with prices dropping during afternoon trade in New York. The United States Oil Fund (USO) also fell by 1%. Additionally, gasoline stockpiles saw a significant increase, the largest in over three decades, while distillate stocks also rose. Crude inventories decreased, partly due to higher refinery throughput and shipping route changes. Meanwhile, Libyan oilfield closures due to protests added earlier upward pressure on oil prices.

Portfolio Pulse from Neil Dennis

January 04, 2024 | 8:32 pm

Israeli Defence Minister declares that post-war, Hamas will not govern Gaza and no Israeli civilians will reside there. Palestinian authorities will manage the area, provided they do not act against Israel.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 6:55 pm

The EIA reported a significant build in weekly distillates stocks, with an increase of 10.090 million barrels compared to a draw of 0.741 million barrels in the prior period.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 4:00 pm

The U.S. Navy reported that a Houthi drone boat exploded in the Red Sea on Thursday. The incident occurred miles away from any U.S. Navy vessels, indicating no immediate threat to U.S. naval assets.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 3:20 pm

The American Petroleum Institute (API) reported a significant draw in crude oil inventories of 7.418 million barrels, compared to the estimated draw of 2.967 million barrels and the prior build of 1.837 million barrels.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 9:33 pm

The U.S. Energy Department has announced a solicitation for up to 3 million barrels of crude oil for delivery in April 2024, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 3:05 pm

Reuters reports an OPEC statement affirming that cooperation and dialogue within OPEC+ will persist, benefiting producers, consumers, investors, and the global economy.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 2:43 pm

OPEC+ has played a significant role in stabilizing the global economy and ensuring market stability through its efforts over the past years, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 2:43 pm

OPEC+ countries have re-affirmed their commitment to unity, full cohesion, and market stability through the Declaration of Cooperation, according to Reuters. This move is aimed at ensuring a balanced and stable oil market, which is critical for both producers and consumers globally. The collaboration among the member countries is expected to continue to play a significant role in the global oil market dynamics.

Portfolio Pulse from Benzinga Newsdesk

January 03, 2024 | 2:42 pm

The United Nations Security Council, presided over by France, is considering a meeting as early as Wednesday to discuss issues concerning the Red Sea. The situation may have implications for global trade routes and security, which could indirectly affect oil prices and related markets.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 8:31 pm

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