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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British maritime security firm Ambrey reported that a Malta-flagged container ship witnessed three explosions 15 miles southwest of Yemen's Mocha. The nature of the explosions and their impact on shipping in the region are not detailed in the article.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 8:31 pm

Hamas co-founder and deputy leader Saleh al-Arouri was killed in a suspected Israeli drone strike in Beirut. Israeli politician Danny Danon praised the IDF and intelligence services for the operation. The attack could mark the first offensive outside Gaza and raises the risk of escalation with Hezbollah and its allies. Oil prices initially rose by 2% due to heightened tensions in the Middle East but later fell by 2%. The United States Oil Fund (USO) was down 1.1% in late afternoon trade.

Portfolio Pulse from Neil Dennis

January 02, 2024 | 8:16 pm

Maersk has announced a halt to all shipping transit through the Red Sea and Gulf of Aden after a Maersk vessel, the Maersk Hangzhou, was attacked by Houthi militants. The U.S. Navy intervened, sinking three militant boats. Maersk is rerouting vessels and assessing the situation, with an ongoing investigation into the incident.

Portfolio Pulse from Benzinga Newsdesk

January 02, 2024 | 4:16 pm

U.S. Central Command reported that the Maersk Hangzhou was under attack by Houthi boats. U.S. Navy helicopters intervened, sinking three of the four attacking boats.

Portfolio Pulse from Charles Gross

December 31, 2023 | 3:03 pm

The US Baker Hughes Total Rig Count has increased to 622 from the prior count of 620, indicating a slight rise in active drilling rigs in the United States.

Portfolio Pulse from Bill Haddad

December 29, 2023 | 6:05 pm

Despite geopolitical tensions, crude oil prices have seen a decline over the year, with Brent down 9.7% and Nymex WTI down 10.4%. The United States Oil Fund (USO) followed a similar pattern. Oil majors like ExxonMobil (XOM), Chevron (CVX), and BP (BP) have seen their shares fall but are still investing heavily in oil, indicating a belief in its long-term value. The Energy Select Sector SPDR Fund (XLE) also declined. In contrast, the SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) outperformed the SPDR S&P 500 (SPY), and the iShares Russell 2000 ETF (IWM) saw a significant gain.

Portfolio Pulse from Neil Dennis

December 29, 2023 | 2:19 pm

The S&P 500 and Dow Jones Industrial Average edged up by 0.1%, while the Nasdaq 100 mirrored this performance with a significant yearly gain. The iShares Russell 2000 ETF (IWM) is down 0.3%, and the iShares 20+ Year Treasury Bond ETF (TLT) declined by 0.6%. Gold remains stable, crude oil tracked by the United States Oil Fund (USO) fell by 1%, and Bitcoin dropped 2.3% after Cathie Wood sold her Grayscale Bitcoin Trust shares. The SPDR S&P 500 ETF Trust (SPY), SPDR Dow Jones Industrial Average ETF (DIA), and Invesco QQQ Trust (QQQ) are steady. Utilities sector ETF (XLU) is up, while the Energy sector ETF (XLE) is down. The Invesco Solar ETF (TAN) gains, and the VanEck Gold Miners ETF (GDX) falls. AMD leads gains in large-cap tech, while crypto-related stocks show mixed reactions. Penn Entertainment (PENN) rallies after a hedge fund seeks board nomination authority.

Portfolio Pulse from Piero Cingari

December 28, 2023 | 7:17 pm

The latest report on USA gasoline inventories indicates a draw of 0.575 million barrels, contrasting with the estimated build of 0.400 million barrels and the previous build of 2.710 million barrels. This suggests a decrease in gasoline supplies which could affect energy sector stocks and ETFs.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 4:01 pm

The EIA reported a weekly build in distillates stocks of 0.833 million barrels, compared to the estimated build of 0.600 million barrels and the prior week's build of 1.485 million barrels.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 4:00 pm

USA crude oil inventories experienced a significant draw of 6.911 million barrels, surpassing the estimated draw of 2.704 million barrels and contrasting with the prior build of 2.909 million barrels.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 4:00 pm

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