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 International Energy Agency (IEA) forecasts a slowdown in oil demand through 2024, contrasting with OPEC+'s more optimistic outlook. The IEA cites a 'decidedly bearish' market sentiment and predicts a reduction in oil consumption growth next year due to weaker global economic performance and diminishing Covid-19 impacts. This comes as the COP28 climate summit pushes for a transition from fossil fuels. The United States Oil Fund (USO) saw a pre-market drop of 0.2% following a 3.8% loss, reflecting the pressure on oil prices.

Portfolio Pulse from Benzinga Neuro

December 14, 2023 | 12:12 pm

BP Energy has successfully won an oil auction for the concession of the Tupinamba area in Brazil's Santos Basin, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 6:45 pm

The CBOE Volatility Index (VIX) has dropped to its lowest level since November 2019, indicating reduced market fear. The Producer Price Index (PPI) data came in better than consensus, with both headline and core PPI at 0.0% versus expectations of 0.1% and 0.2%, respectively. The Arora Report suggests that deflation in China is aiding the reduction of inflation in the U.S. The Federal Open Market Committee (FOMC) rate decision and Chair Powell's press conference are anticipated, with investors betting on multiple rate cuts in 2024. Argentina has devalued its currency by 54%, and foreign investors are optimistic about austerity measures. Early trade money flows are positive for AAPL, AMZN, GOOG, MSFT, SPY, and QQQ, but negative for NVDA, META, and TSLA. Gold and oil trading are active, with the momo crowd buying gold and selling oil. Bitcoin has stabilized above $40,000, with promoters optimistic post-Fed announcement.

Portfolio Pulse from The Arora Report

December 13, 2023 | 3:50 pm

USA gasoline inventories saw a build of 0.408 million barrels, which is lower than the estimated build of 1.933 million barrels and also below the prior build of 5.421 million barrels.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 3:31 pm

The EIA reported a weekly build in distillates stocks of 1.494 million barrels, exceeding the estimated build of 0.623 million and the prior week's build of 1.267 million barrels.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 3:30 pm

USA crude oil inventories experienced a significant draw of 4.259 million barrels, surpassing the estimated draw of 0.650 million and the prior draw of 4.632 million barrels. This indicates a higher than expected decrease in oil inventories.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 3:30 pm

Venezuela's Deputy Oil Minister announced that PDVSA's unit CVP and U.S. Chevron (CVX) have sought a 15-year extension for two joint ventures from the Venezuelan government, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 3:18 pm

A U.S. Navy destroyer, the Mason, successfully intercepted and shot down a drone launched by the Houthi forces from Yemen, according to a defense official cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

December 13, 2023 | 1:11 pm

The API reported a weekly crude oil stock draw of 2.349 million barrels, surpassing the estimated draw of 1.5 million barrels.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 9:32 pm

Oil and gas stocks are declining due to a record supply that is outpacing demand, leading to a sector sell-off. The Direxion Daily S&P Oil & Gas Exp & Prod Bear 2X Shares (DRIP) rose by 4.5% as it benefits from the downturn in the sector. OPEC+ nations' new oil cuts and U.S. record oil production have not prevented the decline. Analysts have turned bearish, with downgrades for Marathon Oil (MRO) by Morgan Stanley and a lowered price target for Exxon Mobil (XOM) by JP Morgan. DRIP, an inverse double-leveraged ETF, is in a bull cycle and could rally towards $14.50. Direxion also offers a bullish counterpart, the Direxion Daily S&P Oil & Gas Exp & Prod Bull 2X Shares (GUSH), for traders bullish on the sector.

Portfolio Pulse from Melanie Schaffer

December 12, 2023 | 5:47 pm

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