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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Stock futures indicate a higher start on Thursday as traders anticipate the July consumer price inflation data. Major averages declined on Wednesday due to inflation worries. The Nasdaq Composite, S&P 500 Index, and the small-cap R2K index pulled back to their lowest levels in about a month. A Morgan Stanley analyst warned about high equity valuations and suggested investors prepare for interest rates to stay higher for a while. In premarket trading, the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ ETF (QQQ) rose. Several companies including Sonos, Inc. (SONO), Walt Disney Co. (DIS), and Trade Desk, Inc. (TTD) reacted to their earnings news.

Portfolio Pulse from Shanthi Rexaline

August 10, 2023 | 10:54 am

The Consumer Price Index (CPI) and Producer Price Index (PPI) data are due to be released, with both expected to show a 0.2% increase. Household debt has hit $17T, with credit card debt reaching a record $1.03T. China has entered deflation, but the situation is not as bad as it seems. Positive money flows are seen in Amazon, NVIDIA, Microsoft, Alphabet, Meta Platforms, Tesla, and Apple, while negative flows are seen in SPDR S&P 500 ETF Trust and Invesco QQQ Trust Series 1. Bitcoin has moved above $30,000.

Portfolio Pulse from The Arora Report

August 09, 2023 | 4:52 pm

USA gasoline inventories have seen a draw of 2.661M, compared to an estimated draw of 0.008M and a prior build of 1.480M.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 2:30 pm

The Energy Information Administration (EIA) reported a weekly draw of 1.76 million barrels in distillates stocks, compared to an estimated build of 0.006 million barrels.

Portfolio Pulse from Benzinga Newsdesk

August 09, 2023 | 2:30 pm

The American Petroleum Institute (API) reported a build of 4.067 million barrels in the weekly crude oil stock, against an expected draw of 233,000 barrels. This unexpected increase could impact the price of oil and related assets.

Portfolio Pulse from Benzinga Newsdesk

August 08, 2023 | 8:34 pm

Apple Inc's (AAPL) stock performance is at a critical junction that could impact the entire stock market. The company's fundamentals are deteriorating, with three quarters of declining revenues expected. Moody's has cut credit ratings on ten U.S. banks due to office real estate exposure and higher funding costs, and may downgrade ratings of major U.S. lenders such as U.S. Bancorp (USB), Bank of New York Mellon Corp (BK), State Street Corp (STT), and Truist Financial Corp (TFC). Chinese exports have fallen by 14.5% YoY, indicating falling consumer demand. Negative money flows are observed in AAPL, Tesla Inc (TSLA), Microsoft Corp (MSFT), Meta Platforms Inc (META), Amazon.com, Inc. (AMZN), NVIDIA Corp (NVDA), and Alphabet Inc Class C (GOOG).

Portfolio Pulse from The Arora Report

August 08, 2023 | 5:58 pm

The U.S. Energy Information Administration (EIA) has revised its forecast for U.S. crude oil production, now expecting it to rise by 330,000 barrels/day to 13.09 million barrels/day in 2024. This is an increase from the previously forecasted rise of 290,000 barrels/day.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 4:12 pm

The U.S. Energy Information Administration (EIA) has revised its forecast for U.S. crude oil production, predicting an increase of 850,000 barrels per day to 12.76 million barrels in 2023. This is a significant increase from the previously forecasted rise of 670,000 barrels per day.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 4:11 pm

Saudi Arabia has reaffirmed its commitment to OPEC+ precautionary measures and will continue to boost efforts to support the stability of oil markets, according to the Saudi Cabinet.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 1:14 pm

US stocks are expected to pull back due to inflation anxieties. The earnings news flow is likely to drive the market, with oil's pullback and upcoming US inflation data keeping the mood cautious. Analysts from LPL Financial suggest a mild recession is likely within the next six to nine months. They recommend a neutral tactical allocation to equities, favoring developed international equities over emerging markets and large caps over small caps. In premarket trading, the SPDR S&P 500 ETF Trust and the Invesco QQQ ETF fell. Several companies including Lucid Group, Paramount Global, Chegg, Beyond Meat, Eli Lilly, Fox Corp, Expeditors International of Washington, GlobalFoundries, Novavax, UPS, Warner Music Group, Akamai Technologies, Rivian Automotive, Twilio, Upstart Holdings, and Lyft are in focus due to their earnings reports.

Portfolio Pulse from Shanthi Rexaline

August 08, 2023 | 11:26 am

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