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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October is historically the most volatile month for the stock market, and this year is expected to test the enthusiasm for AI stocks. The government shutdown has been averted until November 17, which initially led to aggressive buying by the momo crowd, but futures have since turned negative. The stock market is currently in the top support zone and is waiting for a trigger to move. The direction of the year-end chase will depend on upcoming earnings, momentum in AI stocks, new economic data, interest rates, and the November FOMC meeting. Money flows are positive in Apple, Amazon, Meta Platforms, Microsoft, and NVIDIA, but negative in Tesla and Alphabet. Money flows are mixed in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1. Bitcoin is surging due to a short squeeze.

Portfolio Pulse from The Arora Report

October 02, 2023 | 3:05 pm

On Friday, September 29, U.S. stock markets ended mixed with the S&P 500 and Dow Jones Industrial Average closing lower, while the Nasdaq Composite gained. The PCE price index rose to 3.5% in August 2023, up from 3.4% in July. Asian and Eurozone markets were lower on Monday, while crude oil traded higher. U.S. futures were up in early trading.

Portfolio Pulse from Akanksha Bakshi

October 02, 2023 | 11:19 am

The UAE Energy Minister stated at ADIPEC that appropriate investments are necessary to ensure correct pricing at the pump. This statement could influence the oil market and related ETFs such as USO.

Portfolio Pulse from Charles Gross

October 02, 2023 | 10:29 am

According to a Reuters survey, OPEC's oil output in September increased by 120,000 barrels per day (B/D) compared to August, reaching 27.73 million B/D. This rise is attributed to higher output from Nigeria and Iran.

Portfolio Pulse from Charles Gross

October 02, 2023 | 10:03 am

Benzinga's weekly review highlights both bullish and bearish prospects for several stocks. Bullish prospects include Meta Platforms Inc.'s new AI Smart Glasses, potential market strategies in the U.S. cannabis industry by Canopy Growth Corp., SNDL Inc., and Village Farms International Inc., and a potential surge in oil prices impacting the United States Oil Fund. Bearish prospects include a potential treason investigation into Comcast Corp., mixed reactions to Tesla Inc.'s Cybertruck, and escalating strikes against General Motors Co. and Ford Motor Co. by the United Auto Workers union.

Portfolio Pulse from Michael Cohen

September 30, 2023 | 1:06 pm

The U.S. Baker Hughes Oil Rig Count has decreased by 5 from last week to 502, while the U.S. Baker Hughes Gas Rig Count has decreased by 2 from last week to 116.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 5:06 pm

U.S. crude production increased by 0.7% to 12.99 million barrels per day in July, marking the highest level since November 2019, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

September 29, 2023 | 4:05 pm

The stock market is bouncing back due to better inflation data from the U.S. and Europe, as represented by the SPDR S&P 500 ETF Trust (NYSE:SPY). The Bank of Japan's unscheduled bond purchases are also impacting the U.S. stock market. China's actions, such as barring executives from leaving the country, are causing concern. Positive money flows are observed in Apple Inc (NASDAQ:AAPL), Amazon.com, Inc. (NASDAQ:AMZN), Alphabet Inc Class C (NASDAQ:GOOG), Meta Platforms Inc (NASDAQ:META), Microsoft Corp (NASDAQ:MSFT), NVIDIA Corp (NASDAQ:NVDA), and Tesla Inc (NASDAQ:TSLA), as well as in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1 (NASDAQ:QQQ).

Portfolio Pulse from The Arora Report

September 29, 2023 | 2:25 pm

Stocks are expected to continue their upward momentum, with focus on the Federal Reserve's preferred inflation gauge. Nike posted positive earnings, supporting the market. Bond yields are easing and oil prices are being monitored. The threat of a government shutdown could impact traders. Major indices rose in Thursday's trading, led by communication services, consumer discretionary, and materials. The SPDR S&P 500 ETF Trust and the Invesco QQQ ETF gained in premarket trading on Friday. Nike, Blue Apron Holdings, and Carnival Corp. are in focus.

Portfolio Pulse from Shanthi Rexaline

September 29, 2023 | 11:38 am

On Thursday, September 28, U.S. stock markets ended higher, driven by economic data and a pause in rising Treasury yields. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all saw increases. Asian markets had mixed results, with Japan's Nikkei 225 falling slightly, Australia's S&P/ASX 200 rising, and Hong Kong's Hang Seng Stock Exchange seeing a significant increase. European markets were also up, with the STOXX 600, DAX, CAC 40, and FTSE 100 all gaining. Commodities saw increases in crude oil, natural gas, gold, silver, and copper. U.S. futures were up, while the U.S. Dollar Index was down.

Portfolio Pulse from Akanksha Bakshi

September 29, 2023 | 10:37 am

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.