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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China's Commission for Deepening Reforms has approved proposals for further deepening reform of oil and gas markets. The commission aims to strengthen the construction of production, supply, storage, and marketing systems. It also plans to deepen reforms of the electric power system.

Portfolio Pulse from Charles Gross

July 11, 2023 | 11:29 am

US stock futures are set to open in green on Tuesday as traders anticipate benign June inflation data. The Nasdaq Composite, Dow Industrials, S&P 500 Index, and Russell 2000 all saw gains on Monday. Wharton professor Jeremy Siegel predicts a slowdown in the second half of the year but not a dramatic downturn. In premarket trading, SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) saw slight gains. Stocks of Apple (AAPL), Nvidia (NVDA), Advanced Micro Devices (AMD), Microsoft (MSFT), and Amazon (AMZN) are in focus due to various reasons.

Portfolio Pulse from Shanthi Rexaline

July 11, 2023 | 10:56 am

OPEC Secretary General Al Ghais has forecasted a 23% rise in global energy demand through 2045. He also stated that the global oil industry would require an investment of $12.1 trillion during the same period, a level that is currently not on track to be reached.

Portfolio Pulse from Charles Gross

July 11, 2023 | 9:49 am

Stocks are expected to start negatively due to inflation worries and the upcoming second-quarter reporting season. Big bank earnings and other notable names such as PepsiCo are due this week. Bond yields are rising due to the uncertain economic environment. The Chinese economy is showing signs of recovery. The SPDR S&P 500 ETF Trust and the Invesco QQQ ETF fell in premarket trading. Tesla's stock rose after Jefferies raised the price target. Tech stocks, led by Apple and Amazon, were mostly lower.

Portfolio Pulse from Shanthi Rexaline

July 10, 2023 | 11:05 am

The Department of Energy has issued a request for proposals to purchase an additional 6 million barrels for the Strategic Petroleum Reserve, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

July 07, 2023 | 7:11 pm

Baker Hughes reports an increase of 11 gas rigs from last week, while oil rigs have decreased by 5. The United States Oil Fund (USO) is also mentioned in the article.

Portfolio Pulse from Benzinga Newsdesk

July 07, 2023 | 5:02 pm

Stock futures dipped slightly on Friday as traders awaited the June non-farm payrolls report. Thursday's trading saw stocks close lower due to data suggesting a tight labor market and speculation of a rate hike at the upcoming Federal Reserve meeting. The SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ ETF (NASDAQ:QQQ) both fell in premarket trading. Levi Strauss & Co. (NYSE:LEVI), Biogen, Inc. (NYSE:BIIB), and Costco Wholesale Corp. (NASDAQ:COST) are in focus due to recent developments.

Portfolio Pulse from Shanthi Rexaline

July 07, 2023 | 10:52 am

Russia is unlikely to cut oil output in August due to increased domestic gasoline demand. However, it still plans to reduce oil exports in August, although the baseline for the cut is unclear.

Portfolio Pulse from Charles Gross

July 07, 2023 | 10:26 am

The U.S. Energy Information Administration (EIA) has reported that U.S. crude stocks in the Strategic Petroleum Reserve have fallen to their lowest level since August 1983.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 3:06 pm

The Energy Information Administration (EIA) reported a draw of 1.045 million barrels in weekly distillates stocks, compared to an estimated build of 0.296 million barrels and a prior build of 0.124 million barrels.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 3:02 pm

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