The United States Brent Oil ETF, LP (BNO) - NYSEARCA
  • Oct. 12, 2015, 7:31 AM
    • U.S. oil production will decline for the first time in eight years in 2016, says OPEC, expecting a fall of 60K bpd to 280K vs. the previously expected increase.
    • “This should reduce the excess supply in the market…resulting in more balanced oil market fundamentals,” says the group.
    • OPEC also sees declining production from other non-cartel producers - particularly Russia - of 720K bpd.
    • Oil today is up 0.3% to $49.77.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Oct. 12, 2015, 7:31 AM | 84 Comments
  • Oct. 9, 2015, 2:26 PM
    • The House passes legislation that would lift the 40-year-old ban on oil exports, giving the oil industry one of its top congressional priorities.
    • But the real test is in the narrowly divided Senate, where stand-alone export legislation is far less likely to advance; in the 261-159 House vote, only 26 Democrats joined 235 Republicans to support the measure, held down by the Obama administration's opposition.
    • More than a dozen oil companies - including Continental Resources (NYSE:CLR), ConocoPhillips (NYSE:COP), Encana (NYSE:ECA), Hess (NYSE:HES), Marathon Oil (NYSE:MRO) and Apache (NYSE:APA) - have been pressing the issue with Congress, arguing that allowing oil exports would eliminate market distortions, create jobs and stimulate more U.S. petroleum production; it also would help companies fetch a higher price on the global oil market.
    • "An extra dollar or two for the price of our product today is very important because our margins are incredibly squeezed,” says ECA's Doug Suttles.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, DIG, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Oct. 9, 2015, 2:26 PM | 101 Comments
  • Oct. 9, 2015, 1:15 PM
    • The U.S. oil drilling rig count falls for the sixth straight week, declining by 9 to 605, according to the latest survey from Baker Hughes.
    • The count for all active drilling rigs fell by 14 to 795, including a drop of 6 gas drilling rigs from a week ago.
    • At this time last year, oil producers had 1,609 rigs in operation; the overall rig total was 1,930 a year ago.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Oct. 9, 2015, 1:15 PM | 48 Comments
  • Oct. 9, 2015, 3:26 AM
    • Oil prices are advancing into the $50s, pushing past a key level to record a gain of nearly 9% this week.
    • Support appears to be coming from a variety of factors, including recent OPEC comments on tackling the global overhang, expectations of shrinking U.S. production and concerns about Russia's military operations in Syria.
    • Crude futures +1.7% to $50.25/bbl, the commodity's highest level since July 22.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Oct. 9, 2015, 3:26 AM | 48 Comments
  • Oct. 8, 2015, 1:32 PM
    • While most energy analysts have been cutting their expectations for crude oil as market consensus grows for a “lower for longer" outlook, energy consulting firm PIRA Energy Group has grown more positive on oil prices in the past two weeks.
    • "The next $20 move in prices is up, not down," Gary Ross, PIRA's head of global oil, said at its annual seminar today in New York, while calling for prices to rise to $75/bbl in 2017.
    • Ross, a longtime bull, had startled some attendees at last year's PIRA seminar when he called for prices to fall, but now he points out that oil held up well when the equity market was testing its lows in late September.
    • Global demand is up strongly this year, and PIRA expects it to continue, forecasting consumption growing 1.7M bbl/day, or nearly 2%, next year, while seeing non-OPEC production falling by 500K bbl/day.
    • Earlier: Goldman on oil: Sell the rip
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Oct. 8, 2015, 1:32 PM | 17 Comments
  • Oct. 8, 2015, 9:34 AM
    • The sharp rally in oil comes alongside a general rally in risk assets over the past week combining with what's still significant short positioning in crude, says Goldman.
    • The data, however, do not suggest a change in bearish oil fundamentals, with the numbers pointing to an oversupplied market despite a decline in U.S. production.
    • The team notes this rally looks an awful lot like the one which occurred in late August - a risk-on move combining with massive shorts. The outcome - a quick reversal - should be the same.
    • What of the Fed's dovish shift as a catalyst for higher prices? This is actually a bearish development, says Goldman, as the Fed attitude reflects weaker business activity- and thus softening oil demand - in both the US and emerging market economies.
    • Oil is higher by 1% today to $48.30 per barrel.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Oct. 8, 2015, 9:34 AM | 57 Comments
  • Oct. 7, 2015, 10:31 AM
    | Oct. 7, 2015, 10:31 AM | 99 Comments
  • Oct. 7, 2015, 5:03 AM
    • Oil prices are on the rise again following a near 5% jump on Tuesday.
    • The surge is being triggered by data from the American Petroleum Institute showing a 1.2M barrel decrease in crude stocks last week, expectations of increasing demand from the Energy Information Administration, and comments by OPEC chief Abdalla Salem el-Badri anticipating big cuts to oil investment.
    • The commodity has now rallied more than 27% from its August low, and is up 2.3% at $49.62/bbl. U.S. oil market figures from the EIA are also due at 10:30 a.m. ET.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Oct. 7, 2015, 5:03 AM | 57 Comments
  • Oct. 6, 2015, 3:28 PM
    • Oil industry execs speaking at the Oil and Money conference in London warn of a "dramatic" decline in U.S. production that could pave the way for a future spike in prices if fuel demand increases.
    • Former EOG Resources (EOG +2.7%) CEO Mark Papa, now a partner at energy investment firm Riverstone Holdings, expects U.S. oil production to stall this month and begin to decline from early next year.
    • Royal Dutch Shell (RDS.A, RDS.B) CEO Ben van Beurden agrees, saying U.S. oil producers will struggle to refinance while prices remain so low, leading to lower output in the future.
    • Weatherford (WFT +9.9%) CEO Bernard Duroc-Danner notes that the speed and brutality of cost cutting in the industry is the deepest since 1999; in addition to WFT, he thinks just two other big North American oil services companies will remain as the sector is forced to consolidate.
    • November WTI crude climbed $2.27, or 4.9%, to settle at $48.53/bbl for the highest settlement since Aug. 31, propelling energy stocks (XLE +2.3%) to the top of today's stock market leaderboard.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Oct. 6, 2015, 3:28 PM | 109 Comments
  • Oct. 6, 2015, 11:33 AM
    | Oct. 6, 2015, 11:33 AM | 25 Comments
  • Oct. 4, 2015, 3:22 PM
    • Saudi Arabia cut prices on oil sales over the weekend as it plays catch-up with OPEC and other producers in the region.
    • State-run Saudi Aramco reduced prices significantly on oil sent to Asia and the U.S.
    • The strategy from Dhahran is to keep producing oil at high levels in anticipation of improved demand at lower price points.
    • Crude ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Oct. 4, 2015, 3:22 PM | 86 Comments
  • Oct. 2, 2015, 2:28 PM
    • The wild action in crude today is nearly identical to that of the S&P 500. An early rise, followed by a quick tumble following the weaker-than-expected employment report, followed by a late morning/early afternoon rebound to session highs.
    • After sliding below $44 per ounce a couple of hours ago, oil is now higher by 1.8% on the session to $45.59. The S&P 500 is up 0.5% after being down about 1.5% at the lows.
    • Black gold shed about $5 per barrel for the mont of September.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Oct. 2, 2015, 2:28 PM | 30 Comments
  • Oct. 2, 2015, 8:10 AM
    • Russian oil output rose to a post-Soviet record in September, adding to the global glut that is keeping crude prices lower.
    • Last month's output rose to an average of 10.74M bbl/day from 10.68M in August and surpassing the previous record of 10.71M reached earlier this year.
    • The government has said because of the geology and harsh climate, Russian companies such as Rosneft (OTC:RNFTF) cannot adjust oil output as easily as in other producing nations, and the depreciation of the ruble makes it relatively cheaper to produce oil in Russia, helping to preserve oil company margins.
    • ETFs: USO, OIL, UCO, RSX, UWTI, SCO, BNO, RUSL, DBO, DWTI, RUSS, DTO, USL, ERUS, DNO, RBL, OLO, SZO, OLEM
    | Oct. 2, 2015, 8:10 AM | 25 Comments
  • Sep. 30, 2015, 10:31 AM
    | Sep. 30, 2015, 10:31 AM | 59 Comments
  • Sep. 25, 2015, 4:10 PM
    | Sep. 25, 2015, 4:10 PM | 8 Comments
  • Sep. 25, 2015, 1:25 PM
    • The number of U.S. rigs (oil and gas) fell four over the last week to 838. The number has fallen 1,093 from a year ago.
    • The number of oil rigs fell four to 640. That number has declined 952 from last year.
    • Total active rigs in Canada of 176 fell six from last week, and 253 from a year ago. The international rig count of 1,137 gained 19 from last week, but fell 202 year-over-year.
    • Crude today is ahead by 1% to $45.32. USO +0.8%
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Sep. 25, 2015, 1:25 PM | 31 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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