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 projected a decrease in total shale oil production for October by about 41,000 barrels per day, bringing it to 9.391 million barrels per day. This is a larger decrease compared to the 27,000 barrels per day fall in September.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 6:08 pm

Aramco's CEO predicts a global oil demand of 110 million barrels per day by 2030. The United States Oil Fund (USO) is mentioned in the article.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 4:49 pm

Saudi Arabia's Energy Minister has urged caution, stating that it is necessary to wait until real numbers are seen in market tightness before making any decisions. The statement comes amid rising oil prices and speculation about potential changes in production levels.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 3:48 pm

The Biden Administration has expressed strong opposition to proposed legislation that would change the procedure for the approval of import and export of natural gas, according to a statement cited by Reuters.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 3:35 pm

Elon Musk, CEO of Tesla, has refuted a Wall Street Journal report claiming that Tesla and Saudi Arabia are in early talks for an electric vehicle (EV) factory. The report was deemed false by Musk.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 3:28 pm

Saudi Energy Minister has stated that decisions regarding energy should be made in secrecy, similar to the practices of central bankers. This could potentially impact the transparency of the energy market.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 3:06 pm

Saudi Energy Minister warns that the world could transition from one type of energy crisis to another if supply chains for critical minerals are not well planned.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 2:53 pm

President Biden has announced sanctions against former Iranian President Ahmadinejad and the Iranian Intelligence Ministry. This could potentially impact the global oil market and related ETFs.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 2:36 pm

Saudi Energy Minister has stated that the country is not targeting oil prices, but is instead aiming for less volatility in the market.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 2:28 pm

Citigroup Inc. predicts that oil prices will ease due to an increase in supply from countries other than OPEC+ leaders Saudi Arabia and Russia. The bank suggests that while prices may temporarily exceed $100, they are likely to settle around $90 due to the extra supplies. This could lead to a reduction in the price of key fuels such as gasoline and diesel. The supply from outside OPEC is expected to increase by 1.8 million barrels a day this year and another 1 million barrels a day next year, including boosts from Canada, Brazil, Argentina, Guyana, Norway, and the US.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 12:54 pm

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