BNO
The United States Brent Oil ETF, LPNYSEARCA
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  • Thu, Nov. 10, 4:45 AM
    • 2017 could be another year of "relentless global supply growth" similar to that of 2016 if OPEC fails to make cuts and production from outside of the cartel keeps rising, IEA says in its latest oil market report.
    • Main issue is the outcome of OPEC's Nov. 30 meeting in Vienna. "OPEC must agree to significant cuts in Vienna to turn its Algiers commitment into reality."
    • In Oct., global oil supply rose 0.8M/bpd to 97.8M/bpd after producers of OPEC and non-OPEC increased supply.
    • On the demand side, "there is currently little evidence to suggest that economic activity is sufficiently robust to deliver higher oil demand growth, and any stimulus that might have been provided at the end of 2015 and in the early part of 2016 when crude oil prices fell below $30/bbl is now in the past."
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, OILX
    | Thu, Nov. 10, 4:45 AM | 14 Comments
  • Thu, Nov. 10, 4:39 AM
    • The oil market risks running another surplus in 2017 without an output cut from OPEC, according to the IEA's monthly oil market report, which warned of "another year of relentless global supply growth similar to that seen in 2016."
    • Global supply rose by 800K barrels per day in October to 97.8M bpd, led by record OPEC production and rising output from non-OPEC members like Russia, Brazil, Canada and Kazakhstan.
    • Crude futures -0.3% to $45.12/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, OILX
    | Thu, Nov. 10, 4:39 AM | 18 Comments
  • Wed, Nov. 9, 10:32 AM
    | Wed, Nov. 9, 10:32 AM | 29 Comments
  • Wed, Nov. 9, 7:18 AM
    • Crude oil reverses earlier losses nearing 4% to trade near breakeven, as the market recovers from an initial Brexit-like reaction to the shocking Trump victory; U.S. crude -0.2% at $44.89/bbl, Brent +0.1% at $46.04.
    • Analysts say Trump's victory may have some implications supportive of oil prices, including criticism of the U.S. nuclear deal which has allowed Iran to increase crude exports sharply this year.
    • IHS Markit's Daniel Yergin says the election "adds to the challenges for the oil exporters because it likely leads to weaker economic growth in an already fragile global economy, and that means additional pressure on oil demand."
    • "The threat of growth forecasts being downgraded at least over the short-term due to investor uncertainty in theory weakens demand for commodities like oil," says FXTM VP of market research Jameel Ahmad.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Nov. 9, 7:18 AM | 7 Comments
  • Wed, Nov. 9, 3:43 AM
    • For OPEC to try and reign in production was always going to be a tough task but will a Trump victory make the job more difficult?
    • A rapprochement with Russia could mean the lifting of Treasury sanctions on the Kremlin, but his opposition to the Iranian nuclear deal could curb investment in the Islamic Republic's energy sector.
    • An overnight report from the API showed a rise in crude inventories.
    • Crude futures -1.4% to $44.35/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, OILX
    • #Election2016
    | Wed, Nov. 9, 3:43 AM | 9 Comments
  • Tue, Nov. 8, 4:45 PM
    | Tue, Nov. 8, 4:45 PM | 17 Comments
  • Mon, Nov. 7, 8:16 AM
    • A 5.0-magnitude earthquake struck last night near Cushing, Okla., home of the largest U.S. commercial oil storage hub, according to the U.S. Geological Survey.
    • The quake has prompted some pipeline operators to shut down operations at the site as a precaution: Magellan Midstream Partners (NYSE:MMP) says it is working through a controlled shutdown of its assets in the area but reports no damage to its assets, Enbridge (NYSE:ENB) says there was no effect on its facility in Cushing, and Kinder Morgan (NYSE:KMI) says it is not aware of any impact on its Cushing operations.
    • Oklahoma has been plagued by earthquakes in recent years, which many people blame on underground wastewater disposal from oil and gas production.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Mon, Nov. 7, 8:16 AM | 21 Comments
  • Mon, Nov. 7, 2:10 AM
    • Algeria Energy Minister Nouredine Bouterfa is confident OPEC members will stick to a pact made in September to cut output, saying the group's technical committee was working on applying the deal.
    • Officials met in Vienna last month to work out the details of the Algiers plan, but failed to reach agreement. OPEC's High Level Committee of experts will meet again on Nov. 25.
    • Crude futures +1.7% to $44.81/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, OILX
    | Mon, Nov. 7, 2:10 AM | 23 Comments
  • Fri, Nov. 4, 5:14 PM
    | Fri, Nov. 4, 5:14 PM
  • Fri, Nov. 4, 1:18 PM
    | Fri, Nov. 4, 1:18 PM | 23 Comments
  • Fri, Nov. 4, 9:42 AM
    • Crude oil prices are on course for a sixth straight day of declines, extending losses as Reuters reports Saudi Arabia is threatening to hike production to bring prices down if Iran refuses to limit its supply; WTI -1.2% at $44.10/bbl, Brent -1.6% at $45.61.
    • A meeting of OPEC experts last week designed to work out details of cuts for the next OPEC ministerial gathering on Nov. 30 saw the Saudis and Iranians again at loggerheads over a deal, according to the report, which cites four OPEC sources who were present at the meeting.
    • "The Saudis have threatened to raise their production to 11M bbl/day and even 12M bbl/day, bringing oil prices down, and to withdraw from the meeting," one OPEC source who attended the meeting told Reuters.
    • Oil prices have been slumping for days, weighed by a surge in U.S. crude inventories, weak demand and doubts over the ability to reach a deal on production cuts.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Nov. 4, 9:42 AM | 61 Comments
  • Fri, Nov. 4, 4:53 AM
    • OPEC's inability to lock down a deal will be a tremendous setback for the market rebalancing act," and U.S. production may grow from current levels, RBC says.
    • Firm says Iraq - which refuses to consider an output cap - is OPEC's main "problem child." But RBC says sub-$40/barrel oil is a far greater threat to Iraq's financial health.
    • Says prices could rise to low $50s if a deal is reached.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, OILX
    | Fri, Nov. 4, 4:53 AM | 18 Comments
  • Thu, Nov. 3, 12:45 PM
    • Royal Dutch Shell (RDS.A, RDS.B) CFO Simon Henry says demand for oil could peak in as little as five years, an outlook that runs counter to the standard industry view that forecasts decades of growth.
    • “We’ve long been of the opinion that demand will peak before supply,” Henry says, "and that peak may be somewhere between 5 and 15 years hence, and it will be driven by efficiency and substitution, more than offsetting the new demand for transport.”
    • Shell will be in business for “many decades to come” because it is focusing more on natural gas and expanding its new-energy businesses including biofuels and hydrogen, Henry says.
    • The consensus oil industry view recently was typified by Exxon Mobil (NYSE:XOM), which said in its annual outlook that “global demand for oil and other liquids is projected to rise by about 20 percent from 2014 to 2040.”
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Thu, Nov. 3, 12:45 PM | 35 Comments
  • Wed, Nov. 2, 3:56 PM
    | Wed, Nov. 2, 3:56 PM | 90 Comments
  • Wed, Nov. 2, 10:31 AM
    | Wed, Nov. 2, 10:31 AM | 55 Comments
  • Tue, Nov. 1, 1:27 PM
    • Crude has already dipped about 10% in the past couple of weeks as investors hedge bets ahead of OPEC's meeting later this month.
    • A deal is increasingly unlikely, says Goldman's Damien Courvalin, as prices need to be a lot cheaper in order to convince the cartel to cap or cut production. Further, says Courvalin, even if an agreement is reached, the odds of it succeeding are low. He notes October saw rising production from disrupted OPEC producers and from a faster ramp of new non-OPEC projects.
    • Net it all out, says Courvalin, and the probability of a production cut combined with the odds of it being successful has declined.
    • Crude is down 0.7% on today's session to $46.53 per barrel.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILK, OILX
    | Tue, Nov. 1, 1:27 PM | 27 Comments
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