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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The EIA reported a weekly build in distillate stocks of 0.949 million barrels, which is higher than the estimated build of 0.300 million barrels and follows a prior build of 1.534 million barrels.

Portfolio Pulse from Benzinga Newsdesk

August 07, 2024 | 2:30 pm

USA crude oil inventories saw a draw of 3.728 million barrels, significantly higher than the estimated draw of 1.600 million barrels and the prior draw of 3.436 million barrels.

Portfolio Pulse from Benzinga Newsdesk

August 07, 2024 | 2:30 pm

U.S. stock markets closed higher on Tuesday, driven by Federal Reserve officials' comments easing recession fears. The S&P 500 and Nasdaq saw gains, with all major sectors in the S&P 500 closing higher. The Dow Jones Industrial Average also rose. In economic data, the U.S. trade deficit narrowed in June. Asian markets, particularly Japan's Nikkei 225, saw significant gains, while European markets also experienced growth. Crude oil and the U.S. dollar advanced, with the U.S. dollar index gaining 0.31%.

Portfolio Pulse from Akanksha Bakshi

August 07, 2024 | 10:59 am

The U.S. Energy Department has announced a solicitation for up to 1.5 million barrels of oil for delivery to the Strategic Petroleum Reserve (SPR) in January 2025. Additionally, another solicitation will be released on August 12 to purchase approximately 2 million barrels of oil for the SPR.

Portfolio Pulse from Benzinga Newsdesk

August 06, 2024 | 3:26 pm

U.S. stock markets closed sharply lower on Monday, with the Nasdaq and S&P 500 each falling over 3% due to weak economic data and a soft payrolls report. Apple shares dropped 4.8% after Berkshire Hathaway halved its stake. Asian markets showed mixed results, with Japan's Nikkei 225 closing drastically higher by 10.24%. European markets opened in the red, and commodities like crude oil and gold advanced.

Portfolio Pulse from Akanksha Bakshi

August 06, 2024 | 10:40 am

Global markets experienced significant declines, with Japan's Nikkei 225 crashing 13.47% and U.S. indices closing lower due to disappointing jobs data. The Nasdaq Composite entered correction territory, and recession fears heightened. Commodities like crude oil and natural gas also fell, while gold remained near record highs.

Portfolio Pulse from Akanksha Bakshi

August 05, 2024 | 10:44 am

The U.S. Baker Hughes Oil Rig Count remains unchanged at 482, while the Total Rig Count has decreased by 3 to 586 from the previous 589.

Portfolio Pulse from Benzinga Newsdesk

August 02, 2024 | 5:03 pm

Global markets experienced a major downturn due to a weaker-than-expected U.S. jobs report and heightened geopolitical risks. The U.S. economy added fewer jobs than anticipated in July, and the unemployment rate rose, leading to increased market expectations for a significant rate cut by the Federal Reserve in September. Investors are moving to safer assets, causing declines in major equity indices and gains in Treasuries, gold, and the Japanese yen.

Portfolio Pulse from Piero Cingari

August 02, 2024 | 1:30 pm

Global markets experienced significant declines, with U.S. stocks closing lower due to economic concerns and mixed sector performance. Asian markets, particularly Japan, saw sharp drops, while European markets opened in the red. Commodities like gold surged on safe-haven demand.

Portfolio Pulse from Akanksha Bakshi

August 02, 2024 | 11:21 am

Geopolitical tensions in the Middle East and disappointing economic data have led to increased demand for U.S. Treasury bonds, causing the iShares 20+ Year Treasury Bond ETF (TLT) to rise. The S&P 500 (SPY) and iShares Russell 2000 ETF (IWM) fell, while the United States Oil Fund (USO) also declined. Markets are now expecting three Federal Reserve rate cuts by year-end.

Portfolio Pulse from Piero Cingari

August 01, 2024 | 3:53 pm

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