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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USA crude oil inventories have reported a draw of 2.170 million barrels, higher than the estimated draw of 1.320 million barrels and slightly higher than the prior draw of 2.135 million barrels.

Portfolio Pulse from Benzinga Newsdesk

September 27, 2023 | 2:30 pm

Despite soaring bond yields, the S&P 500 and Nasdaq are set to rebound. However, analysts warn of volatility persisting through year-end due to factors such as high crude oil prices, potential rate hikes, and economic data. The SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ ETF (NASDAQ:QQQ) both saw gains in premarket trading. Stocks in focus include Costco Wholesale Corp. (NASDAQ:COST), Progress Software Corp. (NASDAQ:PRGS), Meta Platforms, Inc. (NASDAQ:META), Paychex, Inc. (NASDAQ:PAYX), H.B. Fuller Company (NYSE:FUL), Micron Technology, Inc. (NASDAQ:MU), and Worthington Industries, Inc. (NYSE:WOR).

Portfolio Pulse from Shanthi Rexaline

September 27, 2023 | 11:50 am

US stock markets closed significantly lower on Tuesday, September 26, with the Dow hitting its lowest since March amid weak consumer confidence and fears of persistent inflation and rising interest rates. Amazon.com, Inc (NASDAQ:AMZN) saw a 4% drop in its stock as it faced legal action from the Federal Trade Commission and 17 states. Asian and Eurozone markets were mixed, with Japan’s Nikkei 225 and China’s Shanghai Composite closing higher, while Australia’s S&P/ASX 200 and Germany’s DAX declined. Crude Oil WTI was trading higher by 1.02% at $91.28/bbl.

Portfolio Pulse from Akanksha Bakshi

September 27, 2023 | 10:47 am

The director of California's Division of Petroleum Market Oversight (DPMO), Tai Milder, has raised concerns over rising gasoline prices in a letter to Governor Gavin Newsom. The DPMO's review of recent data revealed that some refineries failed to maintain adequate gasoline levels or import enough fuel to compensate for production shortfalls during the summer. This has contributed to the surge in prices and planned and unplanned refinery outages. The rising cost of crude oil, driven by Russia's invasion of Ukraine, has also contributed to the price increase.

Portfolio Pulse from Vandana Singh

September 26, 2023 | 4:35 pm

The U.S. Interior Department has announced the postponement of the Gulf of Mexico oil and gas lease sale that was originally scheduled for September 27.

Portfolio Pulse from Benzinga Newsdesk

September 26, 2023 | 3:51 pm

The stock market is experiencing a pullback due to a combination of window dressing and higher yields. Window dressing, a practice where money managers buy high-performing stocks and sell laggards, is causing aggressive buying in stocks. However, higher yields are negatively impacting tech stocks, which are being bought in window dressing. The situation in China, particularly Evergrande Group's failure to make payments on an on-shore bond, is casting a negative shadow on global stocks. In early trade, money flows are positive in NVIDIA Corp and negative in Apple, Amazon, Alphabet, Meta Platforms, Microsoft, Tesla, SPDR S&P 500 ETF Trust, and Invesco QQQ Trust Series 1.

Portfolio Pulse from The Arora Report

September 26, 2023 | 3:21 pm

Stocks are set for a lower opening on Tuesday due to concerns about potential future rate hikes hinted by Minneapolis Federal Reserve President Neel Kashkari and weakness in global markets. Despite this, fund manager Louis Navellier expects a bullish end to the year, with the earnings environment improving and inflation excluding energy continuing to ebb. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ ETF (NASDAQ:QQQ) fell. Tesla, Inc. (NASDAQ:TSLA) also fell in premarket trading due to weak China weekly insurance registration data. Alibaba Group Holding Ltd. (NYSE:BABA) announced plans to spin off its Cainiao logistics unit in a Hong Kong IPO.

Portfolio Pulse from Shanthi Rexaline

September 26, 2023 | 11:23 am

On Monday, US stock markets gained, breaking a four-day losing streak, with the S&P 500, Dow Jones, and Nasdaq all seeing increases. However, Asian markets, including Japan's Nikkei 225, Australia's S&P/ASX 200, China's Shanghai Composite, and Hong Kong's Hang Seng Index, all declined. European markets also opened lower. Commodities such as Crude Oil, Natural Gas, Gold, Silver, and Copper all saw decreases. US futures were down, and the U.S. Dollar Index was slightly down.

Portfolio Pulse from Akanksha Bakshi

September 26, 2023 | 11:07 am

Small caps, represented by iShares Russell 2000 ETF (IWM), are signaling recession worries as they have accelerated to the downside. Large caps, however, are being held up by the AI frenzy. Amazon (AMZN) is investing $4B in AI startup Anthropic, following Microsoft's (MSFT) play with OpenAI. This is negatively impacting NVIDIA (NVDA) and AMD (AMD) in early trade. Money flows are positive in Amazon and Apple (AAPL), but negative in Nvidia, Microsoft, Alphabet (GOOG), Meta Platforms (META), and Tesla (TSLA). Money flows are mixed in SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust Series 1 (QQQ).

Portfolio Pulse from The Arora Report

September 25, 2023 | 3:24 pm

The market remains lackluster with index futures slightly in the red and the 10-year Treasury yield approaching 5%. The Nasdaq Composite and the S&P 500 hit their lowest levels in 3.5 months. The S&P 500 is down nearly 4% on the month, and technical damage is beginning to mount. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.13% and the Invesco QQQ ETF (NASDAQ:QQQ) moved down 0.15%. Stocks of studios such as Walt Disney Co. (NYSE:DIS), Paramount Global (NASDAQ:PARA), Warner Bros. Discovery, Inc. (NASDAQ:WBD), Amazon, Inc. (NASDAQ:AMZN), and Netflix, Inc. (NASDAQ:NFLX) rose in premarket trading after Hollywood’s writers union reached a preliminary labor agreement with major studios.

Portfolio Pulse from Shanthi Rexaline

September 25, 2023 | 11:15 am

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