iPath S&P Crude Oil Total Return Index ETN(OIL)- NYSEARCA
  • Yesterday, 1:20 PM
    • The U.S. oil rig count remains unchanged at 406 following eight consecutive weekly gains, Baker Hughes says in its latest survey.
    • The total U.S. rig count, which includes a drop of 2 rigs drilling for natural gas to 81, fell by 2 to 489.
    • Since last year at this time, the total rig count down 44% from last year's count of 877, with oil rigs down from 40% from 676, and gas rigs off 60% from 202 a year ago.
    • ETFs: USO, UNG, OIL, UWTI, UGAZ, UCO, DGAZ, DWTI, SCO, BNO, BOIL, DBO, GAZ, DTO, USL, KOLD, UNL, DNO, OLO, SZO, DCNG, OLEM
    | Yesterday, 1:20 PM | 6 Comments
  • Yesterday, 10:42 AM
    • Iran’s revival as a crude oil exporter appears to have stalled, seven months after Western sanctions were lifted, casting uncertainty over the country’s willingness to cooperate with other producers on limiting output, WSJ reports.
    • Iran has refused to consider joining fellow OPEC members in taking action to raise crude prices by limiting output until its exports and production reach pre-sanctions levels, but its ability to reach pre-sanctions levels above 4M bbl/day are now in question.
    • Iran has been pumping 3.85M bbl/day this month, the country’s oil minister says, up from less than 3M bbl/day from before the sanctions were lifted in January but little changed from 3.8M bbl/day he cited in June and short of the country’s stated goals.
    • The country has told OPEC that it plans to participate in next month's meeting and reportedly has suggested a greater willingness to consider joint action, but it has not said it would soften its conditions for actually joining in production limits.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Yesterday, 10:42 AM | 23 Comments
  • Wed, Aug. 24, 10:32 AM
    | Wed, Aug. 24, 10:32 AM | 36 Comments
  • Wed, Aug. 24, 9:09 AM
    | Wed, Aug. 24, 9:09 AM | 28 Comments
  • Tue, Aug. 23, 1:57 PM
    • Crude oil reverses earlier losses following a Reuters report suggesting Iran's potential willingness to negotiate with other OPEC members to stabilize oil prices; WTI +1.5% at $48.10/bbl, Brent +1.6% at $49.96.
    • Iran is "sending positive signals" that it would consider reaching an understanding with other oil producers to help prop up prices, according to the report, which cites sources in OPEC and the oil industry.
    • "Iran is reaching its pre-sanctions production level soon, and after that it can cooperate with the others," according to one source.
    • Tehran refused to join an April attempt by OPEC and non-members such as Russia to stabilize production, causing talks to collapse.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Aug. 23, 1:57 PM | 9 Comments
  • Tue, Aug. 23, 10:25 AM
    • Iraq's government is asking foreign oil companies to increase oil output and exports, as it joins those spotlighting production potential ahead next month's major meeting of oil producers and consumers.
    • Iraq is OPEC's second largest producer after Saudi Arabia, and an increase in its output - along with Iran - could aggravate the global oil glut and complicate discussions between OPEC and non-OPEC producers on output limits to prop up prices.
    • Iraq has service agreements with companies including BP, CNPC (NYSE:CEO), Royal Dutch Shell (RDS.A, RDS.B), Eni (NYSE:E), Exxon Mobil (NYSE:XOM) and Lukoil ([[LOUKOY]], OTC:LUKOF), which get paid for the extra barrels produced at fields awarded to them through a bidding process.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Aug. 23, 10:25 AM | 26 Comments
  • Mon, Aug. 22, 8:41 AM
    • Crude oil sees the most volatility of any market this morning, with WTI -2.6% at ~$47.80/bbl as analysts doubt upcoming producer talks would cure the oversupply problem and say August's 20%-plus crude rally looks overblown.
    • Oil prices of $50/bbl or higher are unsustainable because of the ongoing production and storage overhang in fuel markets, and likely will experience another short-term dip in the coming weeks, Barclays says.
    • "Positioning data seems to confirm our view that the latest oil bounce is more technical and positioning-oriented than fundamental. In fact, new buyers have been mostly absent the past few months," Morgan Stanley says.
    • Adding to the outlook of plentiful supplies, the U.S. oil rig count rose by 10 last week and has climbed 28% from its May trough.
    • Other factors include reports that Iraq is increasing oil exports by ~150K bbl/day (5%) as a pipeline dispute is being resolved, increased exports out of China, a stronger dollar, and the possible exhaustion of short-covering.
    • ETFs: USO, OIL, XLE, UWTI, UCO, VDE, ERX, DWTI, OIH, SCO, XOP, BNO, DBO, ERY, DIG, DTO, USL, DUG, BGR, IYE, IEO, FENY, DNO, PXE, FIF, DBE, OLO, PXJ, RYE, SZO, NDP, GUSH, DRIP, DDG, RJN, FXN, OLEM, CRAK
    | Mon, Aug. 22, 8:41 AM | 36 Comments
  • Fri, Aug. 19, 5:15 PM
    | Fri, Aug. 19, 5:15 PM
  • Fri, Aug. 19, 1:36 PM
    • U.S. rigs drilling for oil rose by 10 to 406 in the latest week, according to Baker Hughes. It's the eight consecutive rise and the highest count since Febraruy.
    • The total active rig count (which includes those drilling for natural gas) rose 10 to 491.
    • WTI crude oil remains little-changed at $48.19 per barrel.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILD, OILX, OILU
    | Fri, Aug. 19, 1:36 PM | 58 Comments
  • Thu, Aug. 18, 1:06 PM
    • WTI crude oil is higher by 2.8% today to $48.09 per barrel, putting the price of black gold nearly 22% above the $39.51 it touched on August 2.
    • Chatter about some some of production freeze out of OPEC make for a good excuse, but Iran's plans to raise its output back up to pre-sanction levels calls that into question.
    • Also helping the bulls: Hurricane season is on the way and the U.S. National Oceanic and Atmospheric Administration recently boosted its expectations for storm activity.
    • USO +2.6%
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILD, OILX, OILU
    | Thu, Aug. 18, 1:06 PM | 31 Comments
  • Wed, Aug. 17, 10:32 AM
    | Wed, Aug. 17, 10:32 AM | 48 Comments
  • Mon, Aug. 15, 3:35 PM
    • Crude oil surges to one-month highs after Russian Energy Minister Novak said his country is consulting with Saudi Arabia and other producers to achieve oil market stability, following last week's comments from Saudi Arabian Energy Minister Khalid al-Falih expressing his willingness to participate in an OPEC informal meeting late next month to discuss ways to stabilize the market.
    • U.S. crude oil jumped 2.8% to settle at $45.74/bbl, the highest settlement since July 15, and Brent crude gained 2.9% to $48.35/bbl, the highest finish since July 12, with each benchmark rising by more than 10% in the past three sessions.
    • “Saudi Arabia wants to make amends for their Doha disaster and so they are trying to rebuild their diplomatic credibility," says Phil Flynn, senior market analyst at Price Futures Group.
    • But Anas Alhajji, an independent energy expert and former chief economist at NGP Energy Capital Management, says only the Saudis matter, as it "alone can stabilize the market by end of the year by cutting production back [to 10M bbl/day] immediately and [keeping] it at that level."
    • ETFs: USO, OIL, XLE, UWTI, UCO, VDE, ERX, DWTI, OIH, SCO, XOP, BNO, DBO, ERY, DIG, DTO, USL, DUG, BGR, IYE, IEO, FENY, DNO, PXE, FIF, OLO, PXJ, RYE, SZO, NDP, GUSH, DRIP, DDG, FXN, OLEM, CRAK
    | Mon, Aug. 15, 3:35 PM | 19 Comments
  • Fri, Aug. 12, 6:16 PM
    | Fri, Aug. 12, 6:16 PM | 3 Comments
  • Fri, Aug. 12, 1:17 PM
    • U.S. oil drilling rigs rose by 15 in the past week to 396, powering a seventh consecutive weekly gain in the latest survey by Baker Hughes.
    • The total U.S. rig count, which includes a gain of 2 gas rigs to 83 and 2 miscellaneous rigs, is up 17 rigs from last week to 481.
    • The overall rig count is 46% lower than last year's count of 884, with oil rigs down by 41% from last year's 672 and gas rigs down 61% from 211 a year ago.
    • ETFs: USO, UNG, OIL, UWTI, UGAZ, UCO, DGAZ, DWTI, SCO, BNO, BOIL, DBO, GAZ, DTO, USL, KOLD, UNL, DNO, OLO, SZO, DCNG, OLEM
    | Fri, Aug. 12, 1:17 PM | 37 Comments
  • Thu, Aug. 11, 11:59 AM
    • Crude production is falling behind demand to the tune of 1M barrels per day in Q3, says the IEA. "Our balances show essentially no oversupply during the second half of the year."
    • It's a combination of big production cuts by non-OPEC producers and healthy demand.
    • In other news, Saudi Arabia energy minister Khalid al-Falih says market forces are already doing their work, but his country is ready to do what it can to further support prices.
    • WTI crude is higher by 3.6% to $43.22 per barrel. USO +3.95%
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILD, OILX, OILU
    | Thu, Aug. 11, 11:59 AM | 57 Comments
  • Thu, Aug. 11, 4:50 AM
    • The world will consume less oil next year than previously thought due to a "dimmer macroeconomic outlook," the IEA said in its monthly oil market report.
    • The energy watchdog expects global oil demand to grow by 1.2M barrels per day in 2017, a decrease of 100K bpd compared with last month's forecast.
    • Adding to the recent pressure on crude prices, EIA data on Wednesday showed a U.S. crude inventory build of 1.1M barrels last week, while Saudi Arabia said its output hit a record high in July.
    • Crude futures -1.3% to $41.15/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILU, OILD, OILX
    | Thu, Aug. 11, 4:50 AM | 33 Comments
OIL Description
The iPath® S&P GSCI® Crude Oil Total Return Index ETN is a sub-index of the S&P GSCI® Commodity Index. The S&P GSCI® Crude Oil Total Return Index reflects the returns that are potentially available through an unleveraged investment in the West Texas Intermediate (WTI) crude oil futures contract plus the Treasury Bill rate of interest that could be earned on funds committed to the trading of the underlying contracts.
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