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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OPEC has increased its 2023 global oil-demand growth forecasts by 100,000 barrels per day (B/D) to 2.4 million B/D. The organization also predicts strong oil demand growth in 2024, largely due to Asian economies.

Portfolio Pulse from Benzinga Newsdesk

July 13, 2023 | 11:35 am

US stocks are set to open higher due to relief from inflation and optimism about earnings. The June inflation report showed consumer prices growing at the slowest month-over-month rate since March 2021. Analysts have differing views on the market rally. SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ ETF (NASDAQ:QQQ) rose in premarket trading. Viasat, Inc. (NASDAQ:VSAT) shares fell over 22% due to an anomaly during the deployment of its ViaSat-3 Americas satellite. Walt Disney, Inc. (NYSE:DIS) and Meta Platforms, Inc. (NASDAQ:META) saw a rise in their shares.

Portfolio Pulse from Shanthi Rexaline

July 13, 2023 | 10:53 am

Small-cap ETFs PJUL and QQQE have seen significant increases in net assets over the past week, adding $268.7 million and $262.82 million respectively. Conversely, USO and IEV have lost $116.47 million and $110.89 million in net assets respectively over the same period.

Portfolio Pulse from Johnny Rice

July 12, 2023 | 7:56 pm

A screening of small-cap ETFs revealed the week's winners and losers. Amplify Transformational Data Sharing ETF (BLOK) and The United States Oil Fund LP (USO) were the winners, with BLOK up 6.55% and USO up 5.74% over the week. The losers were PIMCO 25+ Year Zero Coupon US Treasury Index ETF (ZROZ) and PIMCO 15+ Year US TIPS Index ETF (LTPZ), down 3.69% and 3.34% respectively. BLOK's largest holdings are MicroStrategy Incorporated Class A (MSTR) and Marathon Digital Holdings Inc (MARA).

Portfolio Pulse from Johnny Rice

July 12, 2023 | 7:55 pm

A screening of small-cap ETFs revealed the week's winners and losers. Amplify Transformational Data Sharing ETF (BLOK) and The United States Oil Fund LP (USO) had positive returns, with BLOK up 6.55% and USO up 5.74%. BLOK's largest holdings are MicroStrategy Incorporated Class A (MSTR) and Marathon Digital Holdings Inc (MARA). The losers were PIMCO 25+ Year Zero Coupon US Treasury Index ETF (ZROZ) and PIMCO 15+ Year US TIPS Index ETF (LTPZ), down 3.69% and 3.34% respectively.

Portfolio Pulse from Johnny Rice

July 12, 2023 | 7:54 pm

Economists predict a year-over-year increase of 0.4% for the U.S. producer price index (PPI) in June, down from 1.1% in May, marking the lowest level since September 2020. This is due to easing inflationary pressures, with consumer inflation in June decreasing to 3% year-on-year. The Bloomberg Commodity Index, tracked by the iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY), rose 2.6% in June, while oil prices, tracked by the United States Oil Fund ETF (USO), increased by 3.7% in June 2023 but remained 33% below June 2022 levels.

Portfolio Pulse from Piero Cingari

July 12, 2023 | 4:10 pm

Gasoline inventories have seen a draw of 0.003M, which is less than the expected draw of 0.072M.

Portfolio Pulse from Benzinga Newsdesk

July 12, 2023 | 2:32 pm

The American Petroleum Institute (API) reported a crude oil inventory build of 3.026 million barrels for the week, compared to analysts' expectations of a 200,000 barrel build.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 8:34 pm

The U.S. Energy Information Administration (EIA) predicts that Brent Crude Oil spot prices will average $78 per barrel in July and reach $80 per barrel in Q4 2023.

Portfolio Pulse from Happy Mohamed

July 11, 2023 | 4:23 pm

The Saudi Cabinet has reaffirmed its commitment to bolster OPEC+ precautionary measures to stabilize oil markets, according to Reuters. This could potentially impact the United States Oil Fund (USO).

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 12:50 pm

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