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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BP and Azerbaijan's national oil company Socar have jointly placed a bid with Israel's NewMed Energy for two offshore gas exploration blocks in Israel. This follows their offer to jointly acquire 50% of NewMed for around $2 billion, potentially giving them entry to Israel's growing energy sector. The bid was for blocks near the Leviathan and Tamar fields, operated by Chevron. Other companies, including Energean and Ratio Energies, also placed bids in the licensing rounds.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 2:16 pm

US stocks are expected to start the new week cautiously following strong gains in the past week. The earnings news flow will pick up pace from Tuesday, with several financial and tech companies due to report. The S&P 500 and the Nasdaq Composite Index closed off a 15-month high, and the Dow Industrials ended at its highest level since Nov. 30, 2022. Analyst Ryan Detrick of Carson Group sees scope for further upside. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.18% and the Invesco QQQ ETF (NASDAQ:QQQ) edged down 0.05%. Tesla, Inc. (NASDAQ:TSLA) rose over 1.50% in premarket trading, while Activision Blizzard, Inc. (NASDAQ:ATVI) rallied over 4% after the FTC lost its appeal to block the videogame software manufacturer's deal with Microsoft Corp. (NASDAQ:MSFT).

Portfolio Pulse from Shanthi Rexaline

July 17, 2023 | 11:12 am

Saudi Arabia's crude oil production fell by 502,000 barrels per day to 9.96 million barrels per day in May, according to Reuters citing the International Energy Forum (IEF).

Portfolio Pulse from Charles Gross

July 17, 2023 | 10:23 am

Japan and Saudi Arabia are expected to agree on joint investments to develop rare-earth resources, aiming to reduce reliance on countries like China for key minerals. The agreement will involve Japan's Ministry of Economy, Trade and Industry, the Japan Organization for Metals and Energy Security (JOGMEC), and Saudi Arabia's Ministry of Industry and Mineral Resources. They will explore resource development projects in third countries for joint investment, focusing on rare-earth metals used in electric vehicles (EVs).

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 5:08 pm

The U.S. Baker Hughes gas rig count has decreased by 2 from last week to 133, while the oil rig count has decreased by 3 to 537.

Portfolio Pulse from Happy Mohamed

July 14, 2023 | 5:02 pm

Russian oil exports from western ports are expected to decrease by 100,000-200,000 barrels per day in the next month from July levels, as reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

July 14, 2023 | 11:36 am

US stock futures are mixed as traders assess the impact of big bank earnings. Positive reports from JPMorgan Chase & Co and Blackrock, Inc. could fuel hopes for a strong reporting season. The June producer price inflation number and downward revisions to the previous two months' data served as confirmatory data for the slowdown in inflation. The major averages opened higher and stayed in the green throughout the session before closing notably higher. The Nasdaq Composite and the S&P 500 Index closed at fresh 15-month highs, while the Russell 2000 Index settled at its highest since early February.

Portfolio Pulse from Shanthi Rexaline

July 14, 2023 | 11:18 am

Libya's Sharara oil field is set to halt operations due to protests, according to Reuters. This could potentially impact the global oil supply and prices.

Portfolio Pulse from Benzinga Newsdesk

July 13, 2023 | 6:14 pm

Russia's Energy Minister Alexander Novak has stated that Russia maintains its oil production forecast for 2023 at 515 million tonnes, according to Reuters citing Tass.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 1:52 pm

Russia's Energy Minister, Alexander Novak, has stated that companies will decide for themselves whether to cut oil production in August. However, he emphasized that Russia's task is to reduce supplies to world markets.

Portfolio Pulse from Happy Mohamed

July 13, 2023 | 1:17 pm

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