The United States Brent Oil ETF, LP(BNO)- NYSEARCA
  • Tue, Mar. 29, 4:42 PM
    • U.S. oil inventories rose 2.6M barrels last week vs. expectations for a gain of 2M. Stocks fell 1.4M barrels the previous week.
    • The roughly inline number is enough to have oil recouping some of the day's losses in evening trade. WTI crude is at $38.54 per barrel vs. $38.34 ahead of the print. It's still lower by 2.15% on the day.
    • The EIA reports its stocks estimate tomorrow.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Tue, Mar. 29, 4:42 PM | 23 Comments
  • Tue, Mar. 29, 10:39 AM
    • "One of the largest, if not the largest short-squeezes ever seen in this market," is how Stephen Schork describes the bounce in oil since the mid-February low.
    • According to numbers from the CFTC and ICE, traders closed out 127K shorts on WTI crude and 58K on Brent from Feb. 9 to March 22. The plays were not necessarily replaced with bullish bets as speculative longs increased just 38K between the two products.
    • Schork's a bear, and sees oil's next big move as a down one to less than $30 per barrel.
    • via WSJ's Moneybeat
    • WTI crude is lower by 3.3% today to $38.10.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Tue, Mar. 29, 10:39 AM | 39 Comments
  • Mon, Mar. 28, 9:33 AM
    • At 9.038 million barrels per day, U.S. oil production fell 30K bpd last week and is nearly 400M bpd lower year-over-year. Versus peak production of 9.6M bpd in May 2015, production has plunged almost 600K bpd, and Merrill believes the pace of declines is picking up at over 100K bpd per month.
    • While there are factors which could stem the decline, there are others which could speed it up. We'll call it a wash.
    • Further, Merrill expects a rebound in U.S. refining demand to offset what should be a nasty, seasonally-influenced headline crude bid of 9.4M barrels.
    • Also at work is OPEC's April 17th meeting at which production caps could be agreed upon, a stabilizing U.S. dollar, and spending cuts across the industry. "We maintain our view that the bottom in oil is in."
    • Texas Tea is flat this morning at $39.46 per barrel.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Mon, Mar. 28, 9:33 AM | 44 Comments
  • Thu, Mar. 24, 2:20 PM
    • The U.S. oil rig count fell by 15 to 372 after rising last week for the first time following 12 straight weeks of cuts, according to the latest survey from Baker Hughes.
    • The overall rig count, which includes a gain of three gas-directed rigs, fell by 12 to 464 for the 29th decline in the past 31 weeks.
    • The oil rig count marks a 77% decline since its Oct. 10, 2014 peak and a 76% decline in overall rigs from a peak of 1,920 on Dec. 5, 2014.
    • ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, SCO, BNO, BOIL, DWTI, GAZ, DBO, DTO, KOLD, USL, UNL, DNO, OLO, SZO, DCNG, OLEM
    | Thu, Mar. 24, 2:20 PM | 95 Comments
  • Wed, Mar. 23, 10:30 AM
    | Wed, Mar. 23, 10:30 AM | 76 Comments
  • Tue, Mar. 22, 6:06 PM
    • For the first time in years, drillers are expected to add less oil from new fields in 2016 than they lose to natural decline in old ones, according to an analysis by Rystad Energy.
    • New projects expected to generate ~3M bbl/day will come from new projects this year compared with 3.3M bbl/day lost from established fields, but the decline will outstrip new output by 1.2M bbl/day in 2017 as investment cuts made during the oil rout start to take effect on the way to a "very strong effect" by 2020, Rystad says.
    • In the deepwater Gulf of Mexico this year, Shell (RDS.A, RDS.B) is scheduled to start the Stones project, with projects run by Noble Energy (NYSE:NBL) and Freeport McMoran (NYSE:FCX) also due to begin; Anadarko Petroleum (NYSE:APC) started the Heidelberg field in January.
    • Eni (NYSE:E) commenced the Goliat field in the Arctic this month, Shell started producing from a new area of the BC-10 project in Brazil earlier this month, and Tullow Oil (OTCPK:TUWLF, OTCPK:TUWOY) plans to begin output from the TEN field offshore Ghana this summer.
    • Morgan Stanley estimates nine projects are in contention to get a green light this year, including BP’s Mad Dog Phase 2 in the Gulf of Mexico and Eni’s Zohr gas field in Egypt, yet Rystad believes these developments will not be enough to counter the natural decline in oil fields that are starting to suffer from lower investment.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Mar. 22, 6:06 PM | 25 Comments
  • Tue, Mar. 22, 3:26 AM
    • Iran may join other oil producers planning to freeze production to support prices at a later date, according to OPEC's secretary general Abdullah al-Badri, but the country will not join an OPEC/non-OPEC producer meeting in Qatar on April 17.
    • "They have some conditions about their production," he said at a news conference in Vienna. "Maybe in the future they will join the group.
    • OPEC still expects crude prices to rebound to a "moderate" level even if Iran doesn't join the deal to put a hold on output levels.
    • Crude futures +0.4% to 41.68/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Mar. 22, 3:26 AM | 15 Comments
  • Mon, Mar. 21, 7:23 PM
    • The national average for gasoline prices at the pump is poised to shoot past $2, as fuel demand hits levels never before seen at this time of year.
    • The average price for a gallon of regular gasoline now stands at $1.983, and has climbed for 25 out of the past 27 days, for a total of $0.28/gallon, according to AAA.
    • In the four weeks to March 11, implied consumption of gasoline averaged nearly 9.4M bbl/day, ~560K bbl/day more than at the same point in 2015, according to the U.S. Energy Information Administration.
    • Recent data indicates the U.S. is on track for its biggest-ever driving season this summer, which will keep refineries running flat-out turning crude into gasoline.
    • Prices already were rising because of seasonal refinery shutdowns to switch to more expensive summer-blend fuels, and the recent jump in crude oil prices added to the shift.
    • Despite the rise in costs, pump prices are still ~$0.45/gallon cheaper than a year ago, on average, and are at their lowest levels for late March since 2009.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, UGA, USL, DNO, OLO, SZO, OLEM
    | Mon, Mar. 21, 7:23 PM | 26 Comments
  • Sun, Mar. 20, 9:05 AM
    • In a note Friday, Michelle Meyer, U.S. economist at BofAML, says it's not likely a wave of oil bankruptcies would lead the U.S. economy into recession:
    • ""It is important to note that if defaults rise due to non-macro events – which means without being triggered by a recession – there seems to be somewhat limited feedback into the economy."
    • Meyer says high-yield bond defaults could hit 6% this year. Still... "If we assume the companies who default are average size, this would mean that 600K workers are vulnerable. However, many bankruptcies result in restructuring rather than the demise of the company, suggesting a portion of the workforce would likely be retained. For argument’s sake, let’s say half of the workers in companies going through bankruptcy proceedings become unemployed over the course of a year. This would result in 25K job cuts a month. As we have seen in the energy sector, a lot of these layoffs may already be happening so the incremental layoffs would presumably be less than 25K per month. This is clearly just illustrative and assumes that bankruptcies are narrow and do not spread to the broader economy."
    • Further, Meyer is not seeing signs that oil-sector fears are leading to a broader tightening in credit markets: "While it is still early, there is little evidence of bank credit tightening thus far. "
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, FRAK, IXC, DNO, IPW, OLO, SZO, GNAT, SZC, OLEM, FILL, IOIL, YLCO, EMEY
    | Sun, Mar. 20, 9:05 AM | 78 Comments
  • Fri, Mar. 18, 2:23 PM
    • Crude oil prices tilt lower, erasing earlier gains that had WTI hitting a new 2016 high of $41.20/bbl, after Baker Hughes' latest data showed a tiny rise in rig counts.
    • U.S. oil rigs rose by one to 387, snapping a 12-week streak of declines, while gas rigs fell by five to 89, bringing the total count of oil and gas rigs lower by four to a record-low 476.
    • The oil rig remains down 76% from its October 2014 peak and down more than 53% from this week last year.
    • WTI crude, which already was pulling back from its highs before the rig count news, now -0.9% at $39.84/bbl.
    • ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, SCO, BNO, BOIL, DWTI, GAZ, DBO, DTO, KOLD, USL, UNL, DNO, OLO, SZO, DCNG, OLEM
    | Fri, Mar. 18, 2:23 PM | 68 Comments
  • Fri, Mar. 18, 5:17 AM
    • Crude prices are flirting with new 2016 highs, as U.S. oil heads for a fifth week of gains, marking the longest rising streak in about a year for the benchmark.
    • The run has brought WTI above $40 per barrel, surging more than 50% from 12-year lows in February, on the back of a weaker dollar and growing optimism that major producers will strike a production freeze deal.
    • Crude futures -0.1% to $40.15/bbl, after advancing as far as $40.55 - its highest level so far this year.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Mar. 18, 5:17 AM | 69 Comments
  • Thu, Mar. 17, 12:26 PM
  • Wed, Mar. 16, 3:30 PM
    | Wed, Mar. 16, 3:30 PM | 43 Comments
  • Wed, Mar. 16, 10:31 AM
    | Wed, Mar. 16, 10:31 AM | 62 Comments
  • Wed, Mar. 16, 4:04 AM
    • Oil producers including Gulf OPEC members are backing an April meeting to discuss an output freeze deal even without the attendance of Iran.
    • "It's a setback but it will not necessarily change the positive atmosphere that has already started," OPEC sources told Reuters.
    • A preliminary deal to freeze production at January levels, reached last month by Russia, Saudi Arabia, Qatar and Venezuela, has already helped to support prices.
    • Crude futures +2.2% to $37.12/bbl.
    • Update: Qatar confirms the meeting will take place in Doha on April 17.
    • Previously: Weekend oil talks hang in the balance? (Mar. 14 2016)
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Mar. 16, 4:04 AM | 23 Comments
  • Tue, Mar. 15, 6:57 PM
    • By hedging against the volatility in prices, producers are limiting how far oil prices can rise, according to Morgan Stanley's Adam Longson, saying "rampant" hedging among oil producers will probably cap WTI at ~$49/bbl.
    • "The CFTC producer short position reached new highs after the [January] lows, partly from distressed producers being forced to hedge. However, this latest uptick has not been confined to distressed producers. In our conversations, we are seeing healthy appetite from mid and large cap Permian producers as well," Longson writes.
    • The takeaway, according to Business Insider's Akin Oyedele, is that with so much production hedged at ~$40/bbl, producers are incentivized to sell and produce oil so long as it remains below their prevailing hedges.
    • Despite strength from short covering, producer hedging is limiting the rally in deferred prices, and bloated U.S. inventories will continue to rise, which suggests a contango must remain, thus "the back will cap the front," according to Longson, who sees WTI trading in a $25-$45 range.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Mar. 15, 6:57 PM | 28 Comments
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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