The United States Brent Oil ETF, LP
 (BNO)

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  • Jul. 17, 2015, 2:12 PM
    | Jul. 17, 2015, 2:12 PM | 24 Comments
  • Jul. 15, 2015, 10:31 AM
    | Jul. 15, 2015, 10:31 AM | 65 Comments
  • Jul. 15, 2015, 6:20 AM
    • Global oil markets won't feel the real impact of Iran's nuclear deal until 2016 as sanctions remain in place while nuclear inspectors go to work, announced banks including Citigroup, UBS and Commerzbank.
    • OPEC's fourth-largest member won't be able to achieve a crude-export boost of more than 500K barrels a day until next year, and will probably choose to gradually increase exports once sanctions are lifted (rather than risk low prices by rapidly pushing crude into an oversupplied market).
    • Crude futures still head lower, down 1% to $52.50/bbl.
    • Previously: Oil reverses higher following Iran nukes deal (Jul. 14 2015)
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Jul. 15, 2015, 6:20 AM | 13 Comments
  • Jul. 14, 2015, 3:10 PM
    • The conventional wisdom says the votes in Congress aren't there to block the administration's nuclear deal with Iran, but one could read the price action in oil as saying "not so fast." A vote on the deal likely won't happen until September, giving lawmakers the August recess to read the tea leaves back in their states and districts.
    • After initially tumbling on the deal's announcement WTI crude is now ahead by 1.4% to $52.91 per barrel - its highest price in a week - suggesting a gusher of backed up crude from Iran isn't about to hit the market.
    • Meanwhile, the Windward Iranian Floating Storage Indicator figures Iran has 50M barrels of black gold stored on ships in the Persian Gulf. That's up from 35M at the start of the year and about 20M one year ago.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Jul. 14, 2015, 3:10 PM | 23 Comments
  • Jul. 14, 2015, 8:12 AM
    • Crude oil prices tumble as Iran reaches a nuclear deal with the group of six nations led by the U.S., raising the prospect of a doubling of Iranian oil exports into a world already awash with crude.
    • Brent crude -0.8% to $57.40/bbl, while WTI crude futures -1.1% at $51.66/bbl, both well off earlier lows.
    • The IEA believes Iran could raise production by 600K-800K bbl/day within months of sanctions being lifted, but there is considerable debate over the impact the lifting of sanctions would have on oil prices.
    • The accord "doesn’t mean new Iranian oil overnight," says Energy Aspects analyst Amrita Sen. "The sanctions will take time to be lifted, Iran’s upstream has been neglected for years so the companies will take time before they go back in and they’re able to stabilize production."
    • Major global oil producers are modestly lower in premarket trading.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG, GUSH, DRIP
    | Jul. 14, 2015, 8:12 AM | 19 Comments
  • Jul. 14, 2015, 3:06 AM
    • Sending oil prices lower, Iran and major world powers have sealed a historic nuclear accord after more than two weeks of negotiating in Vienna.
    • The deal will curb Tehran's nuclear program in return for an easing of sanctions, enabling the oil-rich nation to ramp up its energy exports, access international finance and open the doors to global investors.
    • Full implementation of the agreement will likely take months and is contingent on the pace at which Iran meets its obligations.
    • Crude futures -2.3% to $50.99/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Jul. 14, 2015, 3:06 AM | 97 Comments
  • Jul. 13, 2015, 6:36 PM
    • Oil production from U.S. shale in August is expected to fall by 91K bbl/day from July to 5.36M bbl/day, the most since at least 2007 and the fourth month in a row of expected production declines, according to the EIA's latest monthly report.
    • Oil output at the Eagle Ford shale play in south Texas is forecast to see the biggest decline, down 55K bbl/day to 1.54M bbl/day, while the Bakken shale in North Dakota and surrounding areas is expected to see output fall by 22K bbl/day to 1.18M; production in the Permian play of west Texas, the biggest U.S. shale, is expected to rise 5K bbl/day to 2.05M bbl/day.
    • ‘"We need to see oil prices above $60 and more toward $65 to spur a recovery in the rig count, says Bloomberg's Andrew Cosgrove. "The longer it stays below $60, the harder it’s going to be for U.S. production to ramp back up.’"
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Jul. 13, 2015, 6:36 PM | 40 Comments
  • Jul. 12, 2015, 7:13 AM
    • More talks between Iran and six major world powers are on the menu for today, as both sides look to resolve remaining sticking points in an accord they say is almost complete.
    • Negotiations are now in their 16th day and have been extended three times since the first deadline of March 31. On Friday, talks were extended until July 13.
    • The lifting of sanctions would see energy-rich Iran double its oil exports to 2.3M barrels a day, multiplying tensions in the world's sensitive oil markets.
    • Previously: Oil advances as Iran nuclear talks miss deadline (Jul. 10 2015)
    • Previously: Iran to double oil exports if sanctions lifted (Jul. 06 2015)
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Jul. 12, 2015, 7:13 AM | 42 Comments
  • Jul. 11, 2015, 9:10 AM
    • The two newsletter writers with the best track record of predicting oil market moves say the bottom is near, and crude prices should rise significantly in the next few years, Mark Hulbert reports in Barron's.
    • Jim Stack of InvesTech Research thinks global oversupply will lessen in coming months, as U.S. drilling rig counts are down by more than half since late last year; technically, he is impressed with oil’s successful retest in March of its January low, and says the outlook will improve even more if oil remains above its March lows through August.
    • Kelley Wright of Investment Quality Trends believes that, so long as the focus is on blue-chip companies with strong financials, the dividend yield is a reliable guide to over- and under-valuation; among blue-chip energy stocks he says are undervalued since their yields now trade near the high end of their historical ranges are XOM, CVX and SLB.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Jul. 11, 2015, 9:10 AM | 249 Comments
  • Jul. 10, 2015, 1:55 PM
    • The U.S. oil rig count rose by five to 645 in the latest week, according to the latest survey from Baker Hughes, marking the second straight week of increases after 29 weeks of declines.
    • Most of the gains came in Texas’ Permian Basin, where seven rigs were added.
    • There are still ~59% fewer rigs working since a peak of 1,609 in October.
    • Gas and miscellaneous rigs fell by four, leaving a net gain of one rig for the week to 863.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Jul. 10, 2015, 1:55 PM | 23 Comments
  • Jul. 10, 2015, 6:24 AM
    • The rebalancing of the oil market that started last year has yet to run its course and a bottom in prices "may still be ahead," the International Energy Agency warned in its widely followed monthly report.
    • In a bearish assessment of market conditions the IEA said the adjustment process would "extend well into 2016" as demand growth slowed.
    • Oil prices on both sides of the Atlantic fell sharply this week, but staged a minor comeback since yesterday.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Jul. 10, 2015, 6:24 AM | 25 Comments
  • Jul. 10, 2015, 3:29 AM
    • Oil rose for a second day after Iran and world powers missed another deadline for a nuclear deal that could have ended sanctions on the OPEC producer.
    • "We shouldn’t get up and leave just because the clock strikes midnight," said Secretary of State John Kerry. "But as I have said many times...we are not going to sit at the negotiating table forever."
    • Any future agreement is now subject to 60 days of scrutiny, pushing back the date when Iran could qualify for a relief in sanctions .
    • Crude futures +1.7% to $53.69/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Jul. 10, 2015, 3:29 AM | 64 Comments
  • Jul. 9, 2015, 12:26 PM
    | Jul. 9, 2015, 12:26 PM | 32 Comments
  • Jul. 8, 2015, 11:49 AM
    • The massive selling in Chinese stocks is stoking fears that the government may be losing control of its managed economy, a prospect that is leading the recent pressure on crude oil prices, IHS's Dan Yergin tells CNBC.
    • Stressing the importance of China as a consumer of crude, Yergin notes that half the world's growth in oil demand during 2003-13 came from China; the country's policy now targets medium-to-high growth rather than the high growth of recent years, but "if it's medium or low-to-medium growth, that's a big hit for the oil market."
    • The other factors pressuring oil are the Iran nuclear talks and the Greece debt crisis, referring to Iran's "super-skilled negotiators" and the "very unskilled" Greek negotiators.
    • Nymex crude is off 2% to below $57/bbl, reversing earlier gains as data showed an unexpected build in crude oil and product stocks.
    • The report is "negative all around," says BNP Paribas' Gareth Lewis-Davis. "It's part of the downward trend that's been going on for two weeks."
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
    | Jul. 8, 2015, 11:49 AM | 18 Comments
  • Jul. 8, 2015, 10:30 AM
    | Jul. 8, 2015, 10:30 AM | 22 Comments
  • Jul. 7, 2015, 10:29 AM
    | Jul. 7, 2015, 10:29 AM | 25 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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