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.

Open

N/A

Mkt cap

N/A

Volume

N/A

High

N/A

P/E Ratio

N/A

52-wk high

N/A

Low

N/A

Div yield

N/A

52-wk low

N/A

A recent headline from Benzinga stating that U.S. President Biden is considering depleting the Strategic Petroleum Reserve was incorrectly attributed to The Wall Street Journal and did not originate from President Biden.

Portfolio Pulse from Charles Gross

September 20, 2023 | 11:26 am

US stock markets closed lower on Tuesday, September 19, as the Federal Reserve began its two-day monetary policy meeting. Housing starts dropped 11.3% in August, while building permits increased 6.9%. The Dow Jones, S&P 500, and Nasdaq Composite all recorded declines. Asian markets also closed lower, with Japan's Nikkei 225, Australia's S&P/ASX 200, China's Shanghai Composite, and Hong Kong's Hang Seng Stock Exchange all recording losses. However, the European STOXX 600 index, Germany's DAX, France's CAC 40, and the U.K.'s FTSE 100 all traded higher. Crude Oil WTI and Brent were trading lower, while Natural Gas, Gold, Silver, and Copper all fell. Dow futures, S&P 500 futures, and Nasdaq 100 futures all rose.

Portfolio Pulse from Akanksha Bakshi

September 20, 2023 | 11:05 am

Traders are cautiously optimistic about a potential pause in rate hikes by the Federal Reserve, which could trigger a relief rally. The S&P 500 and Nasdaq futures edged higher in anticipation. Stocks were pressured on Tuesday due to a surge in bond yields, elevated oil prices, and anxiety about the Fed decision. In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.18% and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.14%. Pinterest, Inc. (NYSE:PINS) climbed over 3% in premarket trading after JPMorgan raised the price target for the stock, while Dollar General Corp. (NYSE:DG) fell about 2% in reaction to a downgrade by JPMorgan.

Portfolio Pulse from Shanthi Rexaline

September 20, 2023 | 11:04 am

The American Petroleum Institute (API) reported a weekly crude oil stock draw of 5.25 million barrels, which is more than the estimated draw of 2.667 million barrels. This is a significant change from the previous week's build of 1.174 million barrels.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 8:38 pm

Oil prices have risen by nearly 30% since June due to supply constraints from major oil-producing nations and resilience in the U.S. economy. The United States Oil Fund ETF (NYSE:USO) breached the $91 per barrel mark on Tuesday. Sustained oil prices above $100 per barrel could have major implications on the global economy. The resurgence in oil prices is posing a threat to overall inflation, with energy holding a 7% weighting in the U.S. Consumer Price Index (CPI) basket. Investors expect the Federal Reserve to keep rates steady, but rising oil prices could challenge this expectation.

Portfolio Pulse from Piero Cingari

September 19, 2023 | 3:19 pm

The Federal Open Market Committee (FOMC) meeting is starting today with the decision and press conference scheduled for tomorrow. The dot plot, showing FOMC participants' projected mid point of the target for the federal funds rate, will be the most important information from the meeting. Housing starts fell, but building permits went up, indicating high interest rates are beginning to reduce immediate demand for housing, but builders remain optimistic. Money flows are positive in Apple Inc due to strong orders for iPhone 15 in China, but negative in Amazon.com, Inc., Alphabet Inc Class C, Meta Platforms Inc, Microsoft Corp, NVIDIA Corp, Tesla Inc, SPDR S&P 500 ETF Trust, and Invesco QQQ Trust Series 1. Brent crude has hit $95.

Portfolio Pulse from The Arora Report

September 19, 2023 | 2:52 pm

U.S. Treasury Secretary Janet Yellen has expressed concern over the rise in gas prices following Saudi Arabia's oil cuts. She hopes for stabilization in oil and gas prices.

Portfolio Pulse from Benzinga Newsdesk

September 19, 2023 | 12:46 pm

US stock futures are holding onto slight gains as the Federal Reserve meeting begins. The market is expected to remain cautious as traders anticipate the Fed's future rate trajectory. Stocks showed little movement on Monday, although they ended slightly higher. Wharton Professor Jeremy Siegel predicts a positive market momentum towards the end of the year. In premarket trading, the SPDR S&P 500 ETF Trust and the Invesco QQQ ETF saw slight gains. United States Steel Corporation, Nio, Inc., Apogee Enterprises, Inc., and AutoZone, Inc. are in focus.

Portfolio Pulse from Shanthi Rexaline

September 19, 2023 | 11:20 am

US markets closed slightly higher on Monday, with energy and tech sectors leading the gains. Asian markets closed in red on Tuesday, with Japan's Nikkei 225, Australia's S&P/ASX 200, China's Shanghai Composite, and Shenzhen CSI 300 recording losses, while Hong Kong's Hang Seng rose. European markets traded higher, with the STOXX 600, France's CAC 40, and the U.K.'s FTSE 100 gaining, while Germany's DAX traded lower. Crude oil traded higher, while copper declined. US futures and gold were up, while the U.S. Dollar Index was down.

Portfolio Pulse from Akanksha Bakshi

September 19, 2023 | 10:47 am

The article discusses the rising oil prices due to reduced supply by Saudi Arabia, Russia, and other OPEC+ members, and increased demand from China and the US. This is making the fight against inflation difficult for the Fed and the Bank of England. The article also mentions the potential impact of rising oil prices on Japan's monetary policy, the preorders for iPhone 15, the IPOs of Arm Holdings, Instacart, and Klaviyo, and Saudi Arabia's bid for the next Tesla factory. Early trade money flows are positive in Apple and Alphabet, negative in Amazon, NVIDIA, Microsoft, Meta Platforms, and Tesla, and mixed in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1.

Portfolio Pulse from The Arora Report

September 18, 2023 | 6:38 pm

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.