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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Houthi officials have assured China and Russia that their vessels will be safe passing through the Red Sea, according to a senior Houthi official speaking to Reuters. This development could impact the global oil supply routes and market perceptions.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 4:40 pm

Israel's Mossad Chief, Barnea, is set to visit Qatar on Friday to meet with mediators in an effort to secure a hostage deal, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 4:18 pm

Global markets saw gains with the S&P 500, Dow Jones, and Nasdaq all closing higher after the Federal Reserve announced it would keep borrowing costs stable and hinted at possible rate cuts. Gold surged to a record high, crossing $2,200. Asian and European markets also experienced gains, with notable increases in Japan's Nikkei 225 and Australia's S&P/ASX 200. U.S. crude oil stocks fell unexpectedly, and the U.S. Dollar Index dropped.

Portfolio Pulse from Akanksha Bakshi

March 21, 2024 | 10:54 am

The stock market is at a critical juncture as the Federal Reserve's upcoming decision on interest rates could significantly impact market direction. The SPDR S&P 500 ETF Trust (SPY) chart shows indecision among investors, with two weekly dojis indicating a lack of consensus on market direction. The 'momo crowd' is aggressively buying stocks, hoping for rate cuts, while the Fed faces inflation and economic strength challenges. U.K. CPI data showed cooler inflation, potentially hinting at future U.S. trends. Early trade money flows are positive for META and TSLA, neutral for AMZN, GOOG, MSFT, NVDA, mixed for SPY, QQQ, and negative for AAPL. Oil sees a draw in inventories, and Bitcoin remains range-bound.

Portfolio Pulse from The Arora Report

March 20, 2024 | 3:32 pm

Suriname is planning to allocate a total of 20-21 shallow water blocks in an upcoming bidding round, with flexibility in negotiating terms for gas developments. This move could potentially attract significant interest from energy companies looking to expand their exploration and production portfolios.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 2:43 pm

A senior official from Hamas has stated that Israel's response to their ceasefire proposal was negative, according to Reuters. This development could potentially escalate tensions in the region.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 2:40 pm

The Energy Information Administration (EIA) reported a weekly distillates stocks build of 0.624 million barrels, contrasting with the estimated draw of 0.087 million barrels and the previous week's build of 0.888 million barrels.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 2:30 pm

US crude oil inventories experienced a larger-than-expected drawdown of 1.952 million barrels, compared to the estimated 900,000 barrels. This indicates a higher demand or lower supply than anticipated.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 2:30 pm

The latest API Weekly Crude Oil Stock report shows a draw of 1.519 million barrels, contrasting with the estimated build of 0.077 million barrels and the previous draw of 5.521 million barrels.

Portfolio Pulse from Benzinga Newsdesk

March 19, 2024 | 8:44 pm

Nvidia is extending its AI dominance, with its stock becoming a favorite for speculative trading, particularly in options. The company announced Blackwell, a successor to its Hopper AI chip, promising significant performance improvements. Meanwhile, the Bank of Japan raised interest rates for the first time in 17 years, which could have long-term negative implications for the U.S. stock market. Early trade money flows show positive trends for AAPL and GOOG, but negative for AMZN, META, MSFT, NVDA, TSLA, SPY, and QQQ. The momo crowd is actively buying stocks, gold, and oil in early trades.

Portfolio Pulse from The Arora Report

March 19, 2024 | 4:23 pm

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