The United States Brent Oil ETF, LP (BNO) - NYSEARCA
  • Oct. 16, 2014, 10:58 AM
    • Baker Hughes (BHI -10.2%) CEO Martin Craighead says during this morning's earnings conference call that oil prices below $75/bbl for a few months may cause energy companies to pull back spending on exploration and production.
    • But BHI customers don’t believe oil prices will stay low, the CEO says, adding that “the returns are still quite attractive... right now, it’s full steam ahead.”
    • Craighead says BHI is on pace to deliver solid results in Q4, deepwater projects are moving forward, and customers spending should remain stable.
    • T. Boone Pickens, among others, have said $80 U.S. oil for a quarter would cause E&P companies to reassess; West Texas crude fell below $80 this morning for the first time since June 2012, and now trades at ~$81.
    • Schlumberger (SLB -0.6%), the no. 1 supplier of oilfield services, is scheduled to release quarterly results after today's close.
    • Earlier: Baker Hughes misses estimates on weaker Gulf of Mexico drilling activity.
    • ETFs: USO, OIL, UCO, OIH, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, TWTI, OLEM
    | Oct. 16, 2014, 10:58 AM | 1 Comment
BNO Description
The United States Brent Oil Fund, LP ("BNO") is a domestic exchange traded security designed to track the movements of Brent crude oil. BNO issues units that may be purchased and sold on the NYSE Arca. The investment objective of BNO is for the daily changes in percentage terms of its units' net asset value ("NAV") to reflect the daily changes in percentage terms of the spot price of Brent crude oil as measured by the changes in the price of the futures contract on Brent crude oil as traded on the ICE Futures Exchange, less BNO's expenses.
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