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.

Open

N/A

Mkt cap

N/A

Volume

N/A

High

N/A

P/E Ratio

N/A

52-wk high

N/A

Low

N/A

Div yield

N/A

52-wk low

N/A

USA crude oil inventories saw a significant draw of 2.508 million barrels, much higher than the estimated draw of 0.400 million barrels and the prior draw of 1.362 million barrels. This indicates a higher demand or lower supply of crude oil.

Portfolio Pulse from Benzinga Newsdesk

May 15, 2024 | 2:30 pm

U.S. stock markets closed higher with the Nasdaq reaching a record high. The S&P 500 and Dow Jones also saw gains, driven by reassurances from Federal Reserve Chair Jerome Powell and anticipation of the consumer inflation report. U.S. producer prices increased by 0.5% in April. The technology sector led gains while consumer staples declined. Commodities like gold, silver, and copper saw price increases, with copper hitting a two-year high.

Portfolio Pulse from Akanksha Bakshi

May 15, 2024 | 10:46 am

The API reported a weekly crude oil stock draw of 3.104 million barrels, surpassing the estimated draw of 1.35 million barrels.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 8:35 pm

Oil prices have declined in response to the release of US inflation data, which came in higher than anticipated.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 3:34 pm

OPEC+ has initiated a contentious discussion regarding the oil output capacities of its member countries, according to Bloomberg. This move could have significant implications for global oil supply and prices. The United States Oil Fund (USO), an ETF that tracks the price of crude oil, is directly mentioned in the context of this development.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 1:08 pm

Oil prices are experiencing an uptick in anticipation of the upcoming OPEC monthly report. This report is closely watched by investors as it provides valuable insights into oil production levels, global supply, and demand forecasts, which can significantly influence oil prices.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 7:47 pm

The US Energy Information Administration (EIA) forecasts that oil production in the Eagle Ford and Permian regions is set to increase in June, reaching levels not seen since December 2023. This uptick in production signals a potential shift in supply dynamics within the US oil market.

Portfolio Pulse from Benzinga Newsdesk

May 13, 2024 | 3:24 pm

The article discusses the current state of the stock market, highlighting the resistance zone of Invesco QQQ Trust Series 1 (QQQ) and the potential impact of upcoming CPI and PPI data. It mentions Apple Inc's (AAPL) talks with OpenAI to integrate ChatGPT on iPhones, which is seen as negative for Alphabet Inc (GOOG, GOOGL). The article also notes positive early trade money flows in AAPL, Amazon.com Inc (AMZN), Microsoft Corp (MSFT), NVIDIA Corp (NVDA), and Tesla Inc (TSLA), with negative flows in GOOG and Meta Platforms Inc (META), and mixed flows in QQQ and SPY. Additionally, it mentions the buying of gold, oil, and Bitcoin in early trade.

Portfolio Pulse from The Arora Report

May 13, 2024 | 3:22 pm

Upcoming inflation reports, the Producer Price Index (PPI) and Consumer Price Index (CPI), are expected to show slight increases, indicating potential inflationary pressures in the U.S. economy. The PPI report is particularly watched as a precursor to the CPI data, with predictions of a rise in the annual PPI rate to 2.2% in April from 2.1% in March. Commodity prices, influenced by geopolitical tensions and market volatility, especially oil as tracked by USO and a broader commodity basket by DBC, are significant factors that may drive a surge in PPI.

Portfolio Pulse from Piero Cingari

May 13, 2024 | 3:15 pm

Oil prices are trading lower due to potentially low US consumer sentiment, impacting demand outlook.

Portfolio Pulse from Benzinga Newsdesk

May 10, 2024 | 7:42 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.