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 latest USA API Weekly Crude Oil Stock report indicated a build of 0.594 million barrels, contrary to the estimated draw of 2.267 million barrels. This is a shift from the prior week's draw of 0.817 million barrels.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 9:37 pm

Moody's has downgraded China's credit outlook to negative, citing the property sector crisis and local government debt. The largest Chinese property developer, Evergrande, is close to liquidation. Meanwhile, the 'magnificent seven' U.S. stocks (AAPL, AMZN, GOOG, META, MSFT, NVDA, TSLA) are experiencing slight profit-taking. Early trade money flows are positive for AAPL but negative for AMZN, NVDA, MSFT, GOOG, META, TSLA, SPY, and QQQ. J M Smucker Co (SJM) reported a 7% revenue increase, indicating consumer willingness to pay higher prices. The Arora Report advises investors to maintain a protection band strategy to balance various market crosscurrents.

Portfolio Pulse from The Arora Report

December 05, 2023 | 4:19 pm

National Security Advisor Sullivan states that recent attacks on vessels in the Red Sea pose a threat to international peace and stability, and suggests Iran fully enabled these attacks. He also clarifies that not all three of the attacked ships had ties to Israel.

Portfolio Pulse from Benzinga Newsdesk

December 04, 2023 | 7:29 pm

U.S. stocks, gold, and bonds rallied while the dollar tumbled as traders anticipate Federal Reserve rate cuts in 2024. The S&P 500, Dow Jones, and Nasdaq indices marked their fifth consecutive week of gains. The ISM manufacturing activity indicated a slowdown, leading to a drop in Treasury yields. The SPDR Gold Trust (GLD) surged as gold prices neared all-time highs. Sector ETFs, especially real estate and materials, saw gains, while technology lagged. Stocks like Dell (DELL) and Marvell Technology (MRVL) fell post-earnings, while Pfizer (PFE) dropped due to halted drug trials. SoFi Technologies (SOFI) rallied after Cathie Wood's investment. Tesla (TSLA) saw a decline after the Cybertruck event. Oil tracked by USO fell slightly, and European markets ended positively. Cryptocurrencies Bitcoin and Ethereum rose.

Portfolio Pulse from Piero Cingari

December 01, 2023 | 7:36 pm

Oil companies are set to return 4 million barrels of oil to the U.S. Strategic Petroleum Reserve (SPR) by February, following a previous exchange. Additionally, the U.S. Energy Department is seeking to purchase up to 3 million more barrels of oil for the SPR, with delivery scheduled for February.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 6:50 pm

The U.S. oil rig count has increased by 5 from last week, reaching a total of 505 rigs. The overall rig count, which includes oil and other types, is up by 3 from last week, totaling 625 rigs.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 6:04 pm

The stock market experienced its second-best November since the 1980s, largely due to rising bond prices as indicated by the iShares 20 Plus Year Treasury Bond ETF (TLT), and amplified by market mechanics. Investors are advised to watch for a potential break above the lower resistance zone in bonds, which could trigger another stock market rally. Jerome Powell's speech in Atlanta is anticipated, with the market looking for indications on interest rate cuts. If Powell supports the market's rate cut projections, a significant rally is expected; if he contradicts them, a pullback is likely. Early trade money flows are negative for major tech stocks and ETFs like SPY and QQQ. The momo crowd is buying stocks and gold, while smart money activity is undisclosed. Oil trading is volatile due to OPEC+ uncertainties, and Bitcoin is showing a positive bias, potentially aiming to break above $40,000.

Portfolio Pulse from The Arora Report

December 01, 2023 | 4:37 pm

OPEC+ has announced voluntary oil output cuts totaling 2.19 million barrels per day (BPD), according to Reuters estimates. This decision could potentially affect global oil supply and prices.

Portfolio Pulse from Benzinga Newsdesk

November 30, 2023 | 5:54 pm

OPEC+ is reportedly nearing a preliminary agreement to deepen oil production cuts by an additional 1 million barrels per day, on top of Saudi Arabia's voluntary reduction. This decision could lead to total cuts nearing 2 million bpd for Q1 2024. Oil prices have risen, with WTI at $77.82 and Brent at $83.90. The cuts are a proactive measure in response to expected lower demand and a potential decline in oil prices next year due to abundant supplies and economic downturn.

Portfolio Pulse from Vandana Singh

November 30, 2023 | 5:19 pm

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