The United States Brent Oil ETF, LP (BNO) - NYSEARCA
  • Tue, Jan. 12, 10:50 AM
    • WTI crude oil is now down 0.9% to $31.13/bbl in a bouncy session that has ranged from $30.41 to $32.21.
    • Managed short positions in WTI crude oil contracts are at a record high in an indication that volatility could increase.
    • Earlier today, signs emerged that OPEC is considering an emergency meeting. The next regularly scheduled OPEC meeting isn't until June 2.
    • related ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Jan. 12, 10:50 AM | 16 Comments
  • Mon, Jan. 11, 7:47 AM
    • It's nearly impossible to forecast the direction of one asset, but Morgan Stanley's Adam Longson is going for two, predicting Brent oil could fall to $20 per barrel alongside further gains in the dollar.
    • A global glut may have been responsible for the initial crash in crude oil below $60 per barrel, he says, but the drop into the mid-$30s has been about the rising greenback.
    • “Oil in the $20s is possible, but not for the reasons often cited,” says Longson. “It’s not about deteriorating fundamentals.”
    • WTI crude is down 1.5% this morning to $32.67.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Mon, Jan. 11, 7:47 AM | 34 Comments
  • Fri, Jan. 8, 5:35 PM
    • Crude oil fell for a fifth straight day en route to another 10% tumble on the week, despite data that showed a decline in active U.S. drilling rigs; traders are dismissing signs of slowing work because the reduction has not translated to lower production, WSJ reports.
    • The world’s glut is likely to worsen in coming months from seasonal additions to stockpiles, new supplies are on the way from Iran after the end of sanctions, and tensions between Iran and Saudi Arabia could lead to higher oil output as the two countries compete against one another, according to Tariq Zahir of Tyche Capital Advisors.
    • Many chart watchers now see crude sliding below $30/bbl; unless Brent rebounds quickly above $38.99 and WTI tops $38.40, their intraday highs from the first day of trading this year, it has much further to fall, Kase & Co. analyst Dean Rogers predicts.
    • Goldman Sachs maintains that more losses are needed to force producers to cut supplies enough to balance the glut and weak demand outlook in the market; the firm, which has said oil could hit $20, said in a note today the market needs to see sustained low prices through Q1 "so producers will move budgets down to reflect $40/bbl oil for 2016."
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Jan. 8, 5:35 PM | 86 Comments
  • Fri, Jan. 8, 4:10 PM
    | Fri, Jan. 8, 4:10 PM
  • Fri, Jan. 8, 1:28 PM
    • U.S. oil rig count fell by 20 to 516 following last week's decline of just two, in the seventh decline in eight weeks in the Baker Hughes weekly survey.
    • The total active U.S. rig count, which includes natural gas rigs, fell 34 to 664; since last year, the total rig count has fallen by 1,086 while the oil rig count is down 905.
    • In the past year, the oil rig count fell 64% from 1,421, while the total rig count dropped 62% from 1,750.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Jan. 8, 1:28 PM | 57 Comments
  • Thu, Jan. 7, 5:12 AM
    • Crude prices tumbled as much as 5% overnight to levels not seen since the early 2000s as China's stock plunge left markets in turmoil, while a huge supply overhang and near-record output levels continued to drag on prices.
    • "With oil markets producing 1M barrels a day in excess (of demand) and very little sign of any rational response from the supply side, it's little wonder we're seeing pressure again," said Michael McCarthy, chief market strategist at CMC Markets.
    • Brent and WTI plunged as low as $32.16/bbl and $32.10/bbl, respectively.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Thu, Jan. 7, 5:12 AM | 82 Comments
  • Wed, Jan. 6, 7:21 PM
    • U.S. gasoline inventories surged by 10.6M barrels last week, the most since 1993 and far more than expected, which analysts say could send retail prices tumbling another $0.10/gallon or more next week.
    • Prices at the pump have fallen less quickly than oil prices in the past 18 months because of strong consumption; AAA says U.S. drivers are paying an average of $1.999/gal. for retail gasoline, down 8.9% Y/Y, while benchmark U.S. crude oil has plunged 30% in the past year.
    • Strong U.S. demand for gasoline has been one of the few bright spots for oil investors, but consumption fell 13% last week, and the four-week average for gasoline demand dropped below 9M bbl/day for the first time since May.
    • But Marathon Petroleum (NYSE:MPC) CEO Gary Heminger thinks the market is tighter than the numbers suggest because the refining side is running at a high-capacity utilization rate, saying "We have very good optics of actual demands... in our retail stores, and I am not seeing anywhere near a drop-off in gasoline demand or diesel demand versus the inventory build."
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Jan. 6, 7:21 PM | 11 Comments
  • Wed, Jan. 6, 2:19 PM
    • WTI crude oil is trading with a $33 handle after today's 6% decline - this despite somewhat bullish oil inventory data (though product inventories declined).
    • Unsurprisingly, the energy sector (XLE -3.6%) has more than tripled the S&P 500's 1.1% slide.
    • Past declines in energy have hit the high yield sector, but HYG and JNK are about flat for the session. Still, spreads are widening as the 10-year Treasury yield falls six basis points to 2.18%.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Wed, Jan. 6, 2:19 PM | 79 Comments
  • Wed, Jan. 6, 10:46 AM
    | Wed, Jan. 6, 10:46 AM | 58 Comments
  • Wed, Jan. 6, 10:15 AM
    • Seven oil tanks reportedly are on fire in eastern Libya after a series of attacks by Islamic State, following assaults earlier in the week and raising concerns about longer-term damage to the country's oil industry.
    • Five of the seven oil tanks set ablaze were at the Es Sider terminal, and two other tanks at the neighboring port of Ras Lanuf caught fire earlier after attacks.
    • The attacks seem designed to undermine the viability of a peace agreement between two rival militia groups vying for control of Libya by destroying the country’s main source of revenue.
    • Libya has Africa’s largest crude oil reserves and the potential to produce as much as 1.5M bbl/day, but its output had fallen by nearly two-thirds even before the latest attacks.
    • Earlier: Brent crude skids to 11-year low
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Jan. 6, 10:15 AM | 18 Comments
  • Wed, Jan. 6, 4:52 AM
    • Brent crude slipped to a fresh 11-year low overnight, while WTI crashed below $35/bbl, as ballooning global oversupply outweighed tensions between Middle East producers Saudi Arabia and Iran.
    • The strength of the dollar is also agitating prices, as the U.S. currency continues to rally ahead of further Federal Reserve rate hikes anticipated later this year.
    • Brent -3.7% to $35.09/bbl; WTI -2.7% to $34.99/bbl
    • Also on tap: The EIA publishes its weekly inventories data at 10:30 a.m. ET.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Jan. 6, 4:52 AM | 23 Comments
  • Tue, Jan. 5, 4:57 PM
    • The 5.6M barrel decline in the week ended Jan. 1 stands against trade expectations for a fall of 2.75M barrels.
    • The EIA estimate is due to be released tomorrow.
    • Oil has climbed a few cents in evening action, now trading at $36.16 per barrel. USO +0.8% after hours
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Tue, Jan. 5, 4:57 PM | 33 Comments
  • Tue, Jan. 5, 3:38 PM
    • "Shocking" data from Oklahoma may be moving the oil market this week as much as the shouting between Saudi Arabia and Iran, WSJ's Nicole Friedman reports.
    • First, data released Thursday showed that while U.S. oil production is falling, overall output is higher than previously reported; new reporting methodology prompted the EIA to revise its production data higher for each of the first nine months of 2015, largely due to much higher output than previously reported in Oklahoma.
    • In addition, data provider Genscape said yesterday that oil stockpiles at the Cushing, Okla., storage hub hit a record high in the week ended Jan. 1, causing oil prices to fall.
    • Earlier: Rough start to year for crude oil
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Jan. 5, 3:38 PM | 22 Comments
  • Tue, Jan. 5, 3:01 PM
    • "It seems impossible that we can get a sustained rally in the price of oil," Jeff Gundlach tells Barron's. "Inventories are enormous. Demand is way below production.”
    • An OPEC report today says Saudi Arabia and other major producers are still pumping crude at near record rates.
    • An EIA report this week shows onshore U.S. oil production growing again after six months of declines.
    • And Ed Yardeni notes oil failed to respond positively to heightened tension between Saudi Arabia and Iran. When asset prices don't rally in response to bullish news, it's augers for a continued bear market.
    • WTI crude is currently at its low for the new year, off 2.4% on today's session at $35.88 per barrel.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Tue, Jan. 5, 3:01 PM | 25 Comments
  • Mon, Jan. 4, 11:33 AM
    • Hedge fund manager Kyle Bass sees a “massive opportunity in energy," with the margin of safety in the sector as the smallest ever: "Global demand is 96M bbl/day, the highest it’s ever been, [and] swing capacity is at the lowest point as a percentage of that, about 1.5M bbl/day.”
    • "My views are dogmatic about the supply and demand in energy and that’s cost me," Bass said in a weekend interview, but he is sticking with his bet on the energy sector because he foresees new demand for crude every year and that global GDP “will still be positive" even if the economy slows a bit.
    • "You have to realize that the U.S. added 1M bbl/day five years in a row, but it took $100 crude for us to do that," Bass explained. "We were the marginal swing producer for the world. And now we're going to go down 1M bbl/day, I think, in the next 12 months. So, we're going to go from a glut to all of a sudden a deficit. And the world's not ready for a deficit.”
    • ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, SCO, BNO, BOIL, GAZ, DBO, DWTI, DTO, KOLD, USL, UNL, DNO, OLO, SZO, DCNG, OLEM
    | Mon, Jan. 4, 11:33 AM | 62 Comments
  • Sun, Jan. 3, 8:55 PM
    • Iranian diplomats have 48 hours to exit Saudi Arabia after the kingdom severed diplomatic relations with Iran for the first time since 1988 (ties had been restored in 1991).
    • The move comes following Saudi Arabia's execution of 47 prisoners on Saturday, including prominent Shiite cleric Nemer al-Nemer, and the subsequent harsh rhetoric by Iranian leaders, along with the torching by protesters of Saudi Arabia's embassy in Tehran.
    • Previously: Iranian protesters ransack Saudi embassy (Jan. 3)
    • Oil is up by 1.85% to $37.73 per barrel in Sunday evening action.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Sun, Jan. 3, 8:55 PM | 66 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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