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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Small-cap ETFs, Janus Henderson Mortgage-Backed Securities ETF (JMBS) and Quadratic Interest Rate Volatility & Inflation Hedge ETF (IVOL), have seen an increase in net assets over the past week, adding $199.23 million and $178.59 million respectively. On the other hand, SPDR S&P Bank ETF (KBE) and The United States Oil Fund LP (USO) have lost $82.79 million and $71.68 million in net assets respectively.

Portfolio Pulse from Johnny Rice

August 04, 2023 | 12:03 pm

A screening of small-cap ETFs revealed ARK Next Generation Internet ETF (ARKW) and EMQQ Emerging Markets Internet & Ecommerce ETF (EMQQ) as winners with 5.28% and 4.76% weekly returns respectively. Losers included United States Natural Gas Fund LP (UNG) and Invesco Solar ETF (TAN) with weekly losses of 5.72% and 5.60% respectively. ARKW's largest holdings are Roku, Inc. (ROKU) and Coinbase Global, Inc. (COIN), while EMQQ's are PDD Holdings Inc. (PDD) and Alibaba Group Holding Limited. UNG and TAN track natural gas prices and the solar energy industry respectively.

Portfolio Pulse from Johnny Rice

August 04, 2023 | 12:02 pm

Fitch has downgraded the U.S. credit rating from AAA to AA+ due to anticipated fiscal deterioration, high and growing government debt burden, and erosion of governance. Despite this, the U.S. stock market has not been significantly impacted, with the 'momo crowd' buying the dip. The U.S. Treasury Department plans to borrow about $1T in Q3, the largest amount ever for a third quarter. ADP data shows strong job growth, contradicting narratives of a potential Fed rate cut. Money is flowing out of Apple, Nvidia, Alphabet, Amazon, and Tesla, but into Microsoft and Meta. AMD's AI products may dilute its margins. Gold, oil, and Bitcoin are seeing buying activity.

Portfolio Pulse from The Arora Report

August 04, 2023 | 11:37 am

Crude oil inventories have seen a draw of 17.05 million barrels, significantly higher than the estimated draw of 1.367 million barrels.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 11:28 am

The Energy Information Administration (EIA) reported a draw of 0.796 million barrels in weekly distillates stocks, compared to an estimated build of 0.112 million barrels and a prior draw of 0.245 million barrels.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:28 am

Pioneer Natural Resources predicts oil pricing to be in the $80/barrel to $100/barrel range for the rest of 2023 and throughout 2024.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 11:27 am

US stock futures fell on Wednesday due to a U.S. sovereign rating downgrade by Fitch, intensifying concerns about market overbought conditions. The downgrade was attributed to fiscal indiscipline and governance challenges. Amidst this, the market is absorbing a stream of earnings reports. Traders are also expressing unease over rising bond yields and await insights from a private payrolls survey. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.43% and the Invesco QQQ ETF (NASDAQ:QQQ) slumped 0.70%. Several companies including Advanced Micro Devices, Inc. (NASDAQ:AMD), Starbucks Corp. (NASDAQ:SBUX), and Tesla, Inc. (NASDAQ:TSLA) saw movements in their stock prices following their quarterly results announcements.

Portfolio Pulse from Shanthi Rexaline

August 04, 2023 | 11:02 am

The U.S. government has rejected another round of offers to replenish its oil stockpile, according to Bloomberg. This decision could potentially impact the oil market and related ETFs such as SPY and USO.

Portfolio Pulse from Happy Mohamed

August 04, 2023 | 10:35 am

The American Petroleum Institute (API) reported a weekly crude stock draw of 15.4 million barrels, significantly higher than the estimated 900,000 barrels.

Portfolio Pulse from Benzinga Newsdesk

August 04, 2023 | 10:28 am

The article discusses the resurgence of the meme crowd, with Tupperware Brands Corp (TUP) becoming the latest favorite. The stock has moved from $0.61 to $5.29 in a few days due to buying by the meme crowd and a resulting short squeeze. The initial trigger was a regulatory filing by Tupperware that identified multiple misstatements in its financial reports and material weaknesses in internal controls. The article also mentions the weak seasonality confronting the AI frenzy and FOMO, and the potential impact of upcoming economic data releases.

Portfolio Pulse from The Arora Report

August 04, 2023 | 9:31 am

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