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 total petroleum consumption in the U.S., now expecting it to rise by 100,000 barrels/day to 20.2 million barrels/day in 2024, down from a previous forecast of a 200,000 barrels/day increase. Additionally, OPEC+ members are expected to decrease crude oil output by 300,000 barrels/day in 2024 compared to 2023.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 4:55 pm

The U.S. Energy Information Administration (EIA) has revised its forecast for U.S. crude oil production, now expecting it to rise by 200,000 barrels/day to 13.12M barrels/day in 2024. This is a significant decrease from the previously forecasted rise of 380,000 barrels/day.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 4:54 pm

The U.S. Energy Information Administration (EIA) has revised its forecast for U.S. crude oil production, predicting a rise by 1.01 million barrels per day to 12.92 million barrels per day in 2023. This is an increase from the previously forecasted rise of 870,000 barrels per day.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 4:52 pm

The Israeli military has reported no impacts in Northern Israel following aerial alerts, despite a rocket being launched from Gaza. The news does not mention any direct impact on US-listed companies or ETFs.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 4:49 pm

The U.S. Energy Information Administration (EIA) has reduced its forecast for world oil demand growth in 2024 by 40,000 barrels/day, now predicting a year-on-year increase of 1.32 million barrels/day. The forecast for 2023 has also been cut by 50,000 barrels/day, with a new prediction of 1.76 million barrels/day year-on-year increase.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 4:48 pm

President Biden has stated that the U.S. is continuing to monitor the situation in Israel, and that he spoke to Netanyahu on Wednesday. This information was reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 4:04 pm

Hamas Armed Wing has reportedly shelled Haifa city and nearby towns with an R160 rocket, triggering alerts warning against hostile aircraft. The news was reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 3:41 pm

Israeli Army Radio, as cited by Reuters, has reported a warning of hostile aircraft in Northern Israel. The US-listed ETFs EIS, SPY, and USO may be affected by this news.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 2:58 pm

The stock market moved up due to market mechanics, with bulls confident that this will continue to drive the market higher. The Producer Price Index came in hotter than expected, but bulls are still hopeful that market mechanics will override this data. Exxon Mobil Corp is buying Pioneer Natural Resources Co for $58B, generating positive sentiment. Money flows are positive in Apple, Amazon, Alphabet, Meta Platforms, Microsoft, NVIDIA, and Tesla, but mixed in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1.

Portfolio Pulse from The Arora Report

October 11, 2023 | 2:46 pm

US intelligence suggests that key Iranian leaders were surprised by the recent Hamas attack in Israel, casting doubt on Iran's direct involvement in the assault. Despite Iran's long history of supporting Hamas, there is no evidence of direct planning or knowledge of the attack by Iran. The US continues to investigate the situation, with officials stating that Iran's provision of weapons and support to Hamas makes it broadly complicit in the attack. The Biden administration faces criticism from Republicans who claim the administration is soft on Iran and that the recent unfreezing of $6 billion in Iranian funds indirectly financed the assault. Treasury Secretary Janet Yellen has not ruled out refreezing the funds if Iran's involvement is confirmed.

Portfolio Pulse from Benzinga Newsdesk

October 11, 2023 | 2:37 pm

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