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 market mood is mixed with blue chips and small-caps maintaining upward momentum, but negative reactions to earnings could test the tech sector's resilience. The Nasdaq Composite Index closed marginally higher, while the Dow Industrials marked its eighth straight session of gains. Analysts predict the rally will continue until problems appear in earnings reports. In premarket trading, the SPDR S&P 500 ETF Trust and the Invesco QQQ ETF gained. Tesla and Netflix shares fell following their quarterly results release. Discover Financial Services shares plunged after the company paused buybacks and disclosed regulatory scrutiny.

Portfolio Pulse from Shanthi Rexaline

July 20, 2023 | 11:11 am

The Energy Information Administration (EIA) reported a weekly distillates stocks build of 0.014M, which is significantly lower than the estimated build of 0.460M and the prior build of 4.815M.

Portfolio Pulse from Happy Mohamed

July 19, 2023 | 2:32 pm

USA crude oil inventories have seen a draw of 0.708M, which is less than the estimated draw of 2.440M and significantly less than the prior build of 5.946M.

Portfolio Pulse from Happy Mohamed

July 19, 2023 | 2:31 pm

The stock market is expected to start cautiously on Wednesday, with earnings likely to be the main driver. Stocks such as Nvidia Corp. (NYSE:NVDA), Microsoft Corp. (NASDAQ:MSFT), Morgan Stanley (NYSE:MS), and Bank of America Corp. (NYSE:BAC) have been gaining momentum. The Dow Industrials is on a seven-session winning streak, and the Nasdaq Composite and the S&P 500 indices have risen to over 15-month highs. Analysts suggest that earnings need to perform well to sustain the rally. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.08% and the Invesco QQQ ETF (NASDAQ:QQQ) gained 0.24%. Companies such as Baker Hughes Co. (NASDAQ:BKR), Carvana Co. (NASDAQ:CVNA), Goldman Sachs Group, Inc. (NYSE:GS), Halliburton Co. (NYSE:HAL), Nasdaq, Inc. (NASDAQ:NDAQ), Northern Trust Corp. (NASDAQ:NTRS), U.S. Bancorp. (NYSE:USB), Netflix, Inc. (NASDAQ:NFLX), and Tesla, Inc. (NASDAQ:TSLA) are set to report their earnings.

Portfolio Pulse from Shanthi Rexaline

July 19, 2023 | 10:23 am

The American Petroleum Institute (API) reported a weekly crude oil stock decrease of 0.797 million barrels, which is less than the estimated decrease of 2.25 million barrels. The prior week's decrease was 3.026 million barrels.

Portfolio Pulse from Happy Mohamed

July 18, 2023 | 8:36 pm

Saudi Arabia and Turkey have signed a Memorandum of Understanding (MOU) for cooperation in the energy sector. The MOU includes cooperation in production, marketing, and distribution of refined petroleum products.

Portfolio Pulse from Happy Mohamed

July 18, 2023 | 3:10 pm

The market mood has turned cautious again after major averages rebounded on Monday. Tech and small-cap stocks fueled a rally, while utility and real estate stocks came under selling pressure. JPMorgan analysts have expressed caution about the tech sector, citing potential risks to technology profits if the anticipated slowdown in economic activity materializes. In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ ETF (QQQ) both fell slightly. Medical devices manufacturer Masimo Corp. (MASI) plunged over 27% in premarket trading following its negative preannouncement.

Portfolio Pulse from Shanthi Rexaline

July 18, 2023 | 10:56 am

The Pentagon has announced that the U.S. will send additional F-35 and F-16 jets, along with a warship, to the Middle East to defend U.S. interests and safeguard freedom of navigation. This could potentially increase demand for products from defense contractors such as Lockheed Martin (LMT), General Dynamics (GD), and Raytheon Technologies (RTX).

Portfolio Pulse from Benzinga Newsdesk

July 17, 2023 | 6:12 pm

The U.S. Energy Information Administration (EIA) has projected that total shale oil production in the U.S. will decrease by approximately 18,000 barrels per day in August, reaching 9.399 million barrels per day. This is a significant shift from the 5,900 barrels per day increase observed in July.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 6:06 pm

Russia's Energy Ministry has announced that the country will reduce its oil exports by 2.1 million tons in Q3, which aligns with the planned cuts of 500,000 barrels per day in August.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 2:55 pm

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