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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Gas prices are rising, with the national average at $3.49 and some West Coast states over $4. The surge is attributed to drone attacks on Russian refineries by Ukraine, affecting up to 15% of Russia's refining capacity. This has led to higher wholesale gasoline prices, with the United States Gasoline Fund (UGA) reaching its highest level since September. Crude oil prices are also near four-month highs, impacting U.S. inflation and delaying expected Federal Reserve rate cuts. Exxon Mobil Corp (XOM) and Chevron Corp (CVX) stocks have risen due to the strength in oil prices, as has the Energy Select Sector SPDR Fund (XLE), which tracks U.S. oil companies.

Portfolio Pulse from Neil Dennis

March 19, 2024 | 2:48 pm

U.S. markets closed higher, led by growth stocks like Alphabet and Tesla. An anticipated AI agreement between Alphabet Inc. and Apple Inc. to integrate Google's Gemini AI engine into the iPhone was a key highlight. The NAHB/Wells Fargo Housing Market Index rose to 51, its highest in eight months. Asian markets were mixed, with Japan's Nikkei 225 and Australia's S&P/ASX 200 up, while India's Nifty 50 and China's Shanghai Composite declined. European markets saw gains, except for the U.K.'s FTSE 100. Commodities and U.S. futures varied, with crude oil slightly down and the U.S. Dollar Index up.

Portfolio Pulse from Akanksha Bakshi

March 19, 2024 | 10:44 am

Oil prices reached a four-month high, surpassing $82 per barrel, influenced by the U.S. planning to replenish its Strategic Petroleum Reserve, Ukrainian drone strikes on Russian refineries, and a bullish technical outlook as indicated by the United States Oil ETF (USO) exceeding its 200-day moving average. Factors such as China's economic recovery and OPEC+ production cuts also contribute to the tight oil market and positive demand outlook.

Portfolio Pulse from Piero Cingari

March 18, 2024 | 9:34 pm

The U.S. Energy Information Administration (EIA) has projected a marginal increase in oil output from the top shale-producing regions in April, reaching the highest level since December 2023. This information was reported by Reuters.

Portfolio Pulse from Happy Mohamed

March 18, 2024 | 4:13 pm

Nvidia's CEO Jensen Huang's upcoming speech at Nvidia's annual AI conference is highly anticipated, with high expectations for AI developments. Nvidia (NVDA) has seen significant stock volatility and interest, becoming a popular choice for call option buyers. Apple (AAPL) is attempting to catch up in AI by licensing Google's Gemini. Early trading shows positive money flows in AAPL, AMZN, GOOG, META, NVDA, TSLA, SPY, QQQ, and negative in MSFT. The article also notes buying trends in gold (GLD), silver (SLV), oil (USO), and mentions Bitcoin's (BTC) current status.

Portfolio Pulse from The Arora Report

March 18, 2024 | 3:50 pm

During a live interview on CNBC, Exxon Mobil's CEO Darren Woods stated that the demand for oil and petroleum products remains very healthy. This indicates a positive outlook for the oil industry, potentially impacting related stocks and ETFs.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 2:22 pm

On March 15th, U.S. markets fell, led by a downturn in technology stocks. Economic data showed a slight increase in industrial production, a significant drop in the NY Empire State Manufacturing Index, and a decrease in consumer sentiment. Asian markets, however, saw gains on March 18th, with Japan's Nikkei 225 leading. Speculation about the Bank of Japan's potential rate hike influenced markets. European markets were mixed, with slight gains in major indexes. Crude oil prices rose above $81. U.S. futures indicated mixed directions, and forex showed minor fluctuations.

Portfolio Pulse from Akanksha Bakshi

March 18, 2024 | 11:31 am

The latest report indicates an increase in the gas rig count by 1 from last week, bringing the total to 116. Similarly, the oil rig count has risen by 6 from the previous week, reaching a total of 510. This data suggests a potential uptick in production activities within the energy sector.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 6:28 pm

The latest U.S. Baker Hughes report shows an increase in the oil rig count by 6 and the gas rig count by 1, indicating a potential uptick in domestic oil and gas production.

Portfolio Pulse from Happy Mohamed

March 15, 2024 | 5:03 pm

A senior U.S. official cited by Reuters stated that the U.S. has not yet confirmed the transfer of ballistic missiles from Iran to Russia. This development is crucial for investors monitoring geopolitical tensions and their potential impact on global markets.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 2:48 pm

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