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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US stock futures signal a cautious start ahead of Federal Reserve Chair Jerome Powell's Senate testimony. Tech stocks led the sell-off, with the Nasdaq Composite Index underperforming. Morgan Stanley's Lisa Shalet is skeptical of the rally continuing and advises investors to heed the Fed's signals.

Portfolio Pulse from Shanthi Rexaline

June 22, 2023 | 10:55 am

The American Petroleum Institute (API) reported a weekly crude oil stock draw of 1.246 million barrels, significantly higher than the estimated 433,000 barrel draw.

Portfolio Pulse from Benzinga Newsdesk

June 21, 2023 | 8:34 pm

The EIA reports that total U.S. refining capacity has grown by over 100,000 barrels per day, reversing two years of declines.

Portfolio Pulse from Happy Mohamed

June 21, 2023 | 3:05 pm

Russia's crude oil exports to China reached a record high in May, with a 15.3% YoY increase and a 32.4% MoM jump. This comes as Europe applies sanctions on Russian crude oil due to the Russia-Ukraine war, causing Russia's fuel exports to EU member states to fall 90% YoY.

Portfolio Pulse from Shanthi Rexaline

June 21, 2023 | 12:04 pm

US stocks are expected to have a cautious start on Wednesday as traders anticipate Federal Reserve Chair Jerome Powell's Congressional testimony. FedEx Corp.'s disappointing guidance may cause anxiety about the economy. Chinese EV startups Nio, XPeng, and Li Auto rally after China extends green-energy vehicle incentives.

Portfolio Pulse from Shanthi Rexaline

June 21, 2023 | 11:11 am

US stock futures pull back as traders focus on Fed speeches and Powell's testimony. China's central bank cuts key lending rates, while the US market experienced solid gains last week. Analyst Adam Turnquist says evidence of a regime shift from high to low implied volatility is building, which bodes well for the market.

Portfolio Pulse from Shanthi Rexaline

June 20, 2023 | 10:47 am

The U.S. Baker Hughes oil rig count decreased by 4 to 552, while the gas rig count dropped by 5 to 130 compared to last week.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 5:01 pm

Iran's crude oil exports reached over 1.5 million barrels per day in May, the highest monthly rate since 2018, with crude oil output at 3 million barrels per day in June, according to Reuters citing Kpler data.

Portfolio Pulse from Benzinga Newsdesk

June 16, 2023 | 1:15 pm

US stock futures signal a shaky finish to a strong week, with major indices poised to end on a high note. Analyst Ryan Detrick sees potential for more upward momentum in the market. In premarket trading, SPY slipped 0.02% while QQQ gained 0.08%. Virgin Galactic shares rallied nearly 40% after announcing its first commercial spaceflight, while Adobe rose 3.30% following strong quarterly results.

Portfolio Pulse from Shanthi Rexaline

June 16, 2023 | 10:56 am

Adeyemo states that Russia's spending on reinsurance for tankers to ship its oil is diverting funds from investing in tanks and weapons for its war on Ukraine. The U.S. does not see widespread signs of evasion but knows Russia is seeking ways to evade the price cap.

Portfolio Pulse from Benzinga Newsdesk

June 15, 2023 | 6:45 pm

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