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 EIA Rig Productivity Report indicates an increase in U.S. Bakken oil production for January by 1,700 barrels per day (BPD) to 1.308 million BPD, compared to a 1,100 BPD rise in December. Conversely, U.S. Eagle Ford oil production is expected to decrease by 1,500 BPD to 1.149 million BPD, which is a smaller decline than the 3,000 BPD fall in December.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 7:08 pm

A Hamas official in Beirut stated that negotiations for a hostage exchange with Israel are not an option until Israel ceases its military actions in Gaza. However, Hamas is open to considering initiatives from Qatar and Egypt that aim to facilitate a hostage exchange and bring an end to the conflict in Gaza.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 5:37 pm

Oil prices increased as BP PLC (NYSE:BP) halted shipments through the Red Sea due to security concerns from Houthi militant attacks. U.S. Nymex WTI and Brent crude both rose by 3.9% and 3.8%, respectively. The United States Oil Fund (NYSE:USO) also saw a 3.6% increase in early trade. BP's ADRs rose by 1.2%, while Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) saw gains of 1.5% and 0.7%. The Red Sea is a key shipping route, and disruptions can lead to increased shipping costs and impact oil prices.

Portfolio Pulse from Neil Dennis

December 18, 2023 | 5:01 pm

The stock market continues to exhibit euphoria despite caution from Fed officials. The SPDR S&P 500 ETF Trust (SPY) shows a slight pullback on heavy volume due to quadruple witching, but the sentiment remains positive. Fed officials like Raphael Bostic and Austin Goolsbee have expressed views against early rate cuts, but the market is likely to ignore this due to strong upside mechanics. Money flows are positive for TSLA, NVDA, AMZN, META, and SPY, neutral for MSFT, and negative for AAPL and GOOG. The momo crowd is buying stocks, gold, and oil, while smart money activity is undisclosed. Bitcoin is range-bound. The Arora Report advises investors to maintain a balance between protection and participation in the upside.

Portfolio Pulse from The Arora Report

December 18, 2023 | 3:54 pm

The latest US Baker Hughes Rig Count shows a slight decrease to 623 from 626 in the previous count. The number of rotary oil rigs has also decreased to 501 from 503, while the number of gas rigs remained unchanged at 119.

Portfolio Pulse from Benzinga Newsdesk

December 15, 2023 | 6:09 pm

Market sentiment has become extremely positive, which is often a contrary indicator signaling a potential sell-off. SPDR S&P 500 ETF Trust (SPY) is at the low band of the top resistance zone, with room to run higher despite overbought conditions. Quadruple witching is causing volatility with over $5 trillion in options expiring, potentially leading to a market maker gamma squeeze. New York Fed President John Williams is attempting to moderate expectations after Powell's dovish comments. Records are being set with 44% of S&P 500 stocks overbought and small caps' rapid rise. Money flows are mixed in major tech stocks and ETFs like SPY and QQQ. The momo crowd is buying, while smart money's actions are undisclosed. Gold, oil, and Bitcoin are experiencing volatile trades. Investors are advised to maintain protection bands to balance risks and opportunities.

Portfolio Pulse from The Arora Report

December 15, 2023 | 3:27 pm

A Maersk spokesperson has responded to a claim by the Houthi group that a Maersk vessel was hit by a drone, stating that the vessel was not hit. The news refutes the earlier claim of an attack on the shipping vessel.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 8:44 pm

Yemen's Houthi rebels claim to have targeted a Maersk cargo ship bound for Israel with a drone strike, according to a statement cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

December 14, 2023 | 8:05 pm

US stocks are on track for a 7-day winning streak, with the S&P 500 and Nasdaq 100 nearing all-time highs, and the Dow setting new records. The Russell 2000 has surged following the Fed's meeting. Treasury yields have fallen, with the 10-year yield at 3.9%, positively impacting the iShares 20+ Year Treasury Bond ETF (TLT). Mortgage rates have dropped below 7%, boosting real estate stocks. The dollar weakened against the euro, while gold (GLD) and crude oil (USO) prices rose. Bitcoin also gained. Solar stocks, including SolarEdge (SEDG), Enphase Energy (ENPH), and First Solar (FSLR), rallied after the Fed's pivot. Moderna (MRNA) surged on positive trial results, Align Technology (ALGN) soared after Health Canada's update, and Lucid Group (LCID) rallied on EV production news. Apellis Pharmaceuticals (APLS) fell after downgrades, and TPI Composites (TPIC) surged on an agreement with Oaktree Capital Management.

Portfolio Pulse from Piero Cingari

December 14, 2023 | 6:58 pm

The Dow Jones Industrial Average hit a new historic high, with SPDR Dow Jones Industrial Average ETF Trust (DIA) showing a breakout. The market is going parabolic, which historically is not sustainable, and a pullback is expected. Powell's recent flip on monetary policy has increased the risk of market maker gamma squeeze, potentially driving the market higher. Strong retail sales and jobless claims data contradict Powell's dovish stance, suggesting the Fed may have to reverse course if strong data persists. The European Central Bank left rates unchanged and plans to exit pandemic stimulus. Money flows are positive in Amazon, Nvidia, Alphabet, Tesla, Apple, SPY, and QQQ, but negative in Microsoft and Meta. The Arora Report suggests diversification beyond the 'Magnificent Seven' tech giants and adding small caps to portfolios. Gold, oil, and Bitcoin markets are also discussed, with the momo crowd buying and smart money's actions locked.

Portfolio Pulse from The Arora Report

December 14, 2023 | 3:20 pm

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