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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U.S. stocks rose with the S&P 500 and Dow Jones hitting record highs, driven by anticipation of Nvidia's earnings. Asian markets were mixed, while European markets gained. Crude oil prices fell due to concerns over Chinese demand. The U.S. dollar index rose as markets awaited potential interest rate cuts.

Portfolio Pulse from Akanksha Bakshi

August 28, 2024 | 10:38 am

The American Petroleum Institute (API) reported a weekly crude oil stock draw of 3.4 million barrels, which is larger than the expected 3 million barrel draw. This indicates a higher demand or lower supply than anticipated.

Portfolio Pulse from Benzinga Newsdesk

August 27, 2024 | 8:39 pm

Russia's Arctic LNG 2 project, led by Novatek PJSC, significantly increased its gas processing in July, reaching 28.7 million cubic meters, in preparation for liquefied-gas exports. This comes despite US sanctions imposed in November. The first exports from the facility occurred in early August.

Portfolio Pulse from Benzinga Newsdesk

August 27, 2024 | 4:53 pm

The Dow Jones Industrial Average (DJIA) reached an all-time high due to a rotation into cyclical and interest rate-sensitive stocks, while AI and semiconductor stocks, including Nvidia, faced selling pressure ahead of Nvidia's earnings report. The options market anticipates a 9% move post-earnings, with the momo crowd expecting a significant upside. Money flows are negative in major tech stocks and ETFs like SPY and QQQ.

Portfolio Pulse from The Arora Report

August 27, 2024 | 4:45 pm

Oil prices are declining after a recent rise due to a Libyan production outage. Goldman Sachs has reduced its oil price forecasts, attributing this to slower demand growth in China and increased US supply.

Portfolio Pulse from Benzinga Newsdesk

August 27, 2024 | 4:29 pm

Egypt's Petroleum Ministry has announced new oil exploration activities in the Western Desert. This development could impact global oil supply dynamics.

Portfolio Pulse from Benzinga Newsdesk

August 27, 2024 | 3:50 pm

Venezuela's President Maduro is preparing to make executive changes at the state oil company PDVSA, according to company sources. This move could impact the global oil market and related assets.

Portfolio Pulse from Benzinga Newsdesk

August 27, 2024 | 3:14 pm

Goldman Sachs has lowered its oil price forecasts, citing increased US supply and faltering Chinese demand. The bank now expects Brent crude to range between $70 and $85 per barrel, with a 2025 average of $77. Despite robust US supply, potential geopolitical and inventory volatility could impact prices.

Portfolio Pulse from Piero Cingari

August 27, 2024 | 1:18 pm

U.S. markets closed mixed with the S&P 500 and Nasdaq declining, while the Dow rose. Nvidia's stock fell ahead of its earnings report. Durable goods orders in the U.S. increased by 9.9% in July. Asian markets showed mixed results, and European markets edged up. Commodities like crude oil and gold retreated.

Portfolio Pulse from Akanksha Bakshi

August 27, 2024 | 10:46 am

The article discusses the impact of geopolitical tensions in Libya on oil prices and the U.S. economy, emphasizing the importance of protecting wealth amid potential dollar weakening. It highlights mixed money flows in major tech stocks and ETFs, and suggests strategic investment adjustments.

Portfolio Pulse from The Arora Report

August 26, 2024 | 5:36 pm

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