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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South Sudan is negotiating with Kenya and Ethiopia to transport oil via trucks for export, bypassing conflict-ridden Sudan. This move could reduce the risk associated with the current pipeline system running through Sudan. The country's economy heavily relies on oil exports.

Portfolio Pulse from Happy Mohamed

August 30, 2023 | 2:15 pm

The US stock rally may cool off as focus shifts to Q2 GDP and private jobs data. The tech sector could face selling pressure due to earnings-related sell-offs from companies like HP, Inc. The market is also awaiting ADP's private payrolls report and preliminary Q2 GDP data. The Nasdaq Composite and the S&P 500 indices ended at their highest levels since early August. In premarket trading, the SPDR S&P 500 ETF Trust and the Invesco QQQ ETF fell slightly. Stocks in focus include HP, Box, Inc., Ambarella, Inc., Brown-Forman Corporation, and Patterson Companies, Inc.

Portfolio Pulse from Shanthi Rexaline

August 30, 2023 | 10:57 am

The American Petroleum Institute (API) reported a weekly crude stock draw of 11.486 million barrels, significantly higher than the estimated 2.9 million barrels.

Portfolio Pulse from Benzinga Newsdesk

August 29, 2023 | 8:35 pm

The stock market is awaiting new economic data, including job openings, consumer confidence, and employment change. Medicare has released a list of 10 drugs for price reduction, impacting companies like Bristol-Myers Squibb, Johnson & Johnson, Merck, AstraZeneca, Novartis, Amgen, AbbVie, and Novo Nordisk. Tesla is activating a large NVIDIA cluster for self-driving training. Amazon's CEO warns remote workers about a shift back to office work. Negative money flows are observed in Amazon, Tesla, Nvidia, Microsoft, Alphabet, Meta Platforms, and Apple, while mixed flows are seen in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1.

Portfolio Pulse from The Arora Report

August 29, 2023 | 1:58 pm

The stock futures were narrowly mixed ahead of key economic readings including house prices data, consumer confidence reading, and the JOLTS survey. The Federal Reserve's data-dependent stance could potentially lift market sentiment if data suggests a slowdown in economic momentum. Analysts from Morgan Stanley suggest a strategy of 'buying weakness than selling rallies' due to the central bank's skew towards holding or further rate hikes. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.06% and the Invesco QQQ ETF (NASDAQ:QQQ) edged up 0.05%.

Portfolio Pulse from Shanthi Rexaline

August 29, 2023 | 10:16 am

The article discusses the current state of the stock market, highlighting the impact of Nvidia's earnings and the narrative of zero recession probability. It also mentions the Chinese government's efforts to prop up its stock market and the positive early trade money flows in several major US companies. The article suggests that the stock market is priced for no landing and zero percent probability of a recession, which may not align with the actual probabilities.

Portfolio Pulse from The Arora Report

August 28, 2023 | 2:16 pm

The BRICS nations are set to expand their membership, potentially posing a threat to Western-dominated institutions. The expanded BRICS will account for significant portions of global GDP, population, exports, and oil production. The inclusion of Argentina and Middle Eastern countries will strengthen BRICS' position in lithium and oil production. The United States Oil Fund, LP (NYSE:USO) ended Friday’s session up 1.46% at $72.45.

Portfolio Pulse from Shanthi Rexaline

August 26, 2023 | 9:47 pm

The U.S. Baker Hughes Oil Rig Count has decreased by 8 from last week to 512, and the Gas Rig Count has decreased by 2 from last week to 115.

Portfolio Pulse from Happy Mohamed

August 25, 2023 | 5:03 pm

Stock market bears are predicting an end to the AI-driven rally, pointing to a potential double top pattern on the chart. The 'sell the news' reaction to NVIDIA's earnings report is causing concern. Money flows in tech stocks like Apple, Amazon, Alphabet, Meta Platforms, Microsoft, NVIDIA, and Tesla were positive after hours but turned negative in the premarket. Investors are awaiting Powell's speech at Jackson Hole, with concerns that he may advocate for a higher long-term policy rate. Early trade money flows are positive for Amazon, Microsoft, Meta Platforms, and Apple, but negative for Tesla, Alphabet, and NVIDIA.

Portfolio Pulse from The Arora Report

August 25, 2023 | 2:35 pm

US stocks are expected to rebound despite investor confusion ahead of Federal Reserve Chair Jerome Powell's Jackson Hole speech. The market's response to Nvidia Corp.'s impressive quarter has been subdued. Stocks declined notably on Thursday, with IT, communication services, and consumer discretionary stocks under severe selling pressure. In premarket trading on Friday, the SPDR S&P 500 ETF Trust rose 0.31% and the Invesco QQQ ETF gained 0.10%. Affirm Holdings rallied over 8.60% in premarket trading following the release of its quarterly results, while Marvell Technology fell about 4.50% despite a second-quarter beat. Hawaiian Electric Industries plunged about 22% after S&P downgraded the company.

Portfolio Pulse from Shanthi Rexaline

August 25, 2023 | 11:02 am

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