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 draw in distillates stocks of 2.760 million barrels, contrasting with a build of 1.659 million barrels in the previous week. This indicates a decrease in distillate fuel inventories, which could impact energy market dynamics and related stock prices.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 2:30 pm

U.S. crude oil inventories increased by 2.735 million barrels, exceeding the estimated build of 1.600 million barrels and following a prior build of 5.841 million barrels. This indicates a continued surplus in oil supply.

Portfolio Pulse from Benzinga Newsdesk

April 17, 2024 | 2:30 pm

Iran is preparing its Air Force for potential strikes and has directed its Navy to escort ships in the Red Sea in anticipation of retaliatory actions from Israel. This development comes amid escalating tensions in the Middle East, which could have significant implications for regional stability and global oil markets.

Portfolio Pulse from Charles Gross

April 17, 2024 | 11:15 am

On April 16th, U.S. markets ended mixed with the S&P 500 and Nasdaq Composite falling, while the Dow Jones gained. This was amid volatile trading due to rising Treasury yields and concerns over high interest rates. Federal Reserve Chair Jerome Powell hinted at maintaining higher interest rates longer than expected due to inflation. Asian markets, excluding China, saw declines, while European markets and the STOXX 50 index experienced gains. Commodities showed mixed results with gold surpassing $2,400.

Portfolio Pulse from Akanksha Bakshi

April 17, 2024 | 10:39 am

Iraqi Prime Minister denies any missiles or drones were launched from Iraq during Iran's attack on Israel, stating Iraq's stance against being involved in conflict.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 7:48 pm

The White House, through Senior Adviser John Podesta, expressed its intention to ensure the affordability of gasoline, hinting at potential releases from the Strategic Petroleum Reserve (SPR) as a measure to achieve this goal. This statement underscores the administration's focus on maintaining stable fuel prices amidst fluctuating global oil markets.

Portfolio Pulse from Benzinga Newsdesk

April 16, 2024 | 5:43 pm

The article discusses the significant drop in 20+ year Treasury bond ETF (TLT) despite geopolitical tensions, which typically drive up U.S. Treasuries. It highlights the unusual market behavior where Treasuries fall, indicating lower stock valuations, contrary to expectations during the Iran-Israel conflict. The IMF warns the U.S. about excessive spending, while global growth forecasts increase slightly. U.S. housing starts and building permits have slowed, and China's GDP growth shows underlying weakness. Money flows are positive for NVIDIA and Microsoft, neutral for Amazon, Apple, Alphabet, and Meta, negative for Tesla, and mixed for SPDR S&P 500 ETF Trust and Invesco QQQ Trust. The article also notes the selling of gold and oil by the momo crowd, with smart money inactive, and mentions Bitcoin's trading activity around a halving event.

Portfolio Pulse from The Arora Report

April 16, 2024 | 3:30 pm

Israel's War Cabinet is scheduled to meet on Tuesday to deliberate on the country's response to an Iranian attack, according to an Israeli official. The exact time of the meeting has not been disclosed.

Portfolio Pulse from Charles Gross

April 16, 2024 | 10:35 am

Axios reported that the Treasury is set to approve new sanctions on Iran following an attack on Israel. This move aligns with the Biden administration's stance on Iran and could have implications for global markets, particularly affecting oil prices and geopolitical stability.

Portfolio Pulse from Charles Gross

April 16, 2024 | 10:04 am

Tensions between Israel and Iran have escalated, causing market volatility. Israel's war cabinet plans a forceful response to Iran, while the G7 considers sanctions against Iran's missile program. This geopolitical tension has led to a decline in stock markets, with the SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF, and Invesco QQQ Trust experiencing losses. Conversely, the SPDR Gold Trust and iShares Silver Trust saw gains amid increased safe haven demand. The United States Oil Fund also rose slightly as oil prices surged above $85 a barrel.

Portfolio Pulse from Piero Cingari

April 15, 2024 | 7:30 pm

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