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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USA crude oil inventories have reported a draw of 1.508M, which is higher than the estimated draw of 0.983M and significantly lower than the prior draw of 9.603M.

Portfolio Pulse from Happy Mohamed

July 06, 2023 | 3:02 pm

OPEC's forecast for oil demand growth in 2024 is expected to be lower than the growth it expects this year of 2.35 million barrels per day, or 2.4%.

Portfolio Pulse from Benzinga Newsdesk

July 06, 2023 | 1:12 pm

Stock futures indicate a potential slump in Thursday's session due to surging bond yields and investor concerns about potential rate hikes. The major indexes closed in the red on Wednesday, led by declines in the IT, energy, industrial, and financial sectors. In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) and the Invesco QQQ ETF (NASDAQ:QQQ) both fell. Meta Platforms, Inc. (NASDAQ:META) rose in premarket trading after a price target increase, while Levi Strauss & Co. (NYSE:LEVI) is set to report its quarterly earnings.

Portfolio Pulse from Shanthi Rexaline

July 06, 2023 | 11:06 am

The American Petroleum Institute (API) reported a draw of 4.382 million barrels in the weekly crude oil stock.

Portfolio Pulse from Benzinga Newsdesk

July 05, 2023 | 8:36 pm

Iran has denied reports that it attempted to seize oil tankers, according to Reuters citing state TV. The US-listed ETF, United States Oil Fund (USO), may be indirectly affected by this news.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 6:41 pm

OPEC is reportedly in discussions with Azerbaijan, Malaysia, Brunei, and Mexico about potential membership. The news was announced by the OPEC Secretary General and reported by the UAE State News Agency.

Portfolio Pulse from Benzinga Newsdesk

July 05, 2023 | 5:47 pm

Kuwait's Oil Minister has stated that the country is not requesting an increase in its OPEC+ quota. By the end of 2024, Kuwait's oil output capacity is expected to reach 3.2 million barrels per day.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 4:49 pm

Iran attempted to seize two oil tankers near the Strait of Hormuz, firing shots at one of them, according to the U.S. Navy. The Iranian naval vessels retreated after the U.S. Navy responded to distress signals. Iran has reportedly seized at least five commercial vessels in the last two years, many of which occurred near the Strait of Hormuz, a critical route for crude oil transportation. This incident escalates U.S.-Iranian tensions, which have been rising since the U.S. withdrew from Iran's 2015 nuclear agreement and reinstated sanctions.

Portfolio Pulse from Happy Mohamed

July 05, 2023 | 12:58 pm

US stocks are expected to open lower following the Independence Day holiday, with traders cautious due to major averages trading at multi-month highs. Despite a weak manufacturing reading, US stocks closed slightly higher on Monday. Noteworthy sector performances included advancements in consumer discretionary stocks, along with buying interest in utility, financial, real estate, and consumer staple stocks. However, healthcare and IT stocks experienced declines. Fundstrat's Tom Lee expects the S&P 500 Index to end the year at 4,825, up from his earlier estimate of 4,750. In premarket trading, the SPDR S&P 500 ETF Trust (NYSE:SPY) slipped 0.40% and the Invesco QQQ ETF (NASDAQ:QQQ) fell 0.58%. Tesla, Inc. (NASDAQ:TSLA) fell about 0.80% in premarket trading, and big tech stocks such as Nvidia Corp. (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NYSE:AMD), and Amazon.com Inc. (NASDAQ:AMZN) also moved to the downside.

Portfolio Pulse from Shanthi Rexaline

July 05, 2023 | 10:50 am

Saudi Energy Minister has stated that the recent cuts in oil production prove wrong the cynical spectators of Russia-Saudi relations. This statement comes in the wake of the OPEC+ agreement to cut oil production to stabilize prices.

Portfolio Pulse from Charles Gross

July 05, 2023 | 9:02 am

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