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. Energy Information Administration (EIA) has revised its forecast for U.S. crude oil production in 2024, now expecting an increase of 180,000 barrels per day, reaching 13.11 million barrels per day. This is a downward revision from the previously forecasted rise of 250,000 barrels per day.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 5:29 pm

The U.S. Energy Information Administration (EIA) has revised its forecast for U.S. crude oil production in 2023, now expecting an increase of 1.02 million barrels per day, reaching 12.93 million barrels per day. This is a slight uptick from the previously forecasted rise of 990,000 barrels per day.

Portfolio Pulse from Benzinga Newsdesk

December 12, 2023 | 5:28 pm

The Consumer Price Index (CPI) data released showed a slight increase over consensus, disappointing stock market bulls who anticipated lower inflation numbers. The market's expectation of the Federal Reserve cutting interest rates five times in 2024 is viewed with skepticism by The Arora Report. Epic Games won a lawsuit against Google, putting Google's app store revenues at risk and implying a negative readthrough for Apple. Hasbro announced layoffs due to falling sales, contradicting expectations of strong consumer spending. Early trade money flows were positive for Amazon, neutral for Microsoft, and negative for Apple, Alphabet, Meta, NVIDIA, and Tesla, with mixed flows for SPDR S&P 500 ETF Trust and Invesco QQQ Trust. The Arora Report advises investors to maintain a protection band strategy to balance risks and opportunities.

Portfolio Pulse from The Arora Report

December 12, 2023 | 4:33 pm

The stock market has rallied since early November, with the Invesco QQQ Trust Series 1 (QQQ) consolidating at the resistance zone's lower band. The Fed faces a challenge in tightening financial conditions without derailing the market, as the market may interpret their actions to fuel further gains. CPI and PPI data releases are anticipated, but the market's focus is on the upcoming FOMC meeting and Powell's press conference. Market mechanics, AI frenzy, and expectations of rate cuts in 2024 are driving the market higher. Deflation in China may help lower U.S. inflation, while Japan's yen fell after rate hike comments were walked back. Early trade money flows show positive trends for NVIDIA (NVDA) and Tesla (TSLA), but negative for Apple (AAPL), Amazon (AMZN), Alphabet (GOOG), Meta Platforms (META), and Microsoft (MSFT). The SPDR S&P 500 ETF Trust (SPY) and QQQ show mixed flows. Gold and oil trading are active, with the SPDR Gold Trust (GLD) and United States Oil ETF (USO) being the most popular ETFs. Bitcoin (BTC) dropped as whales sold at $45,000 instead of pushing for a run to $50,000.

Portfolio Pulse from The Arora Report

December 11, 2023 | 5:21 pm

The U.S. Baker Hughes Oil Rig Count decreased by 2 to 503, while the Gas Rig Count increased by 3. The total rig count now stands at 626.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 6:09 pm

The U.S. has imposed sanctions on two Iranian intelligence officials for recruiting individuals to target current and former U.S. government officials. The sanctions were reported by Reuters, citing an official statement.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 3:39 pm

Around 7 mortar rounds hit the US Embassy compound in Baghdad on Friday morning, causing very minor damage according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 2:59 pm

A White House aide, Finer, has stated that the U.S. government believes Iran is involved in the planning, execution, and authorization of Houthi attacks on ships and Israel.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 8:06 pm

The Bank of Japan's (BOJ) potential shift away from yield control is causing significant movement in the yen and impacting global stock markets, including the U.S. The yen's rise is affecting strategies that involve borrowing in yen to invest in U.S. markets. JPMorgan Chase CEO Jamie Dimon expressed a desire to shut down cryptocurrencies if possible. U.S. jobless claims came in slightly below consensus, which may influence the Fed's rate decisions. European GDP contraction supports the expectation of rate cuts. Positive early money flows are seen in major tech stocks, while mixed flows are observed in SPY and QQQ ETFs. Gold and oil are seeing buying interest due to the yen's move. Bitcoin experiences a pullback after recent retail investor enthusiasm. The Arora Report advises investors to maintain a protection band strategy to balance risk and opportunity.

Portfolio Pulse from The Arora Report

December 07, 2023 | 6:00 pm

USA Natural Gas Storage reported a decrease of 117 billion cubic feet, surpassing the estimated decrease of 105 billion cubic feet and significantly higher than the prior 10 billion cubic feet.

Portfolio Pulse from Benzinga Newsdesk

December 07, 2023 | 3:30 pm

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