iPath S&P Crude Oil Total Return Index ETN (OIL) - NYSEARCA
  • Yesterday, 2:29 PM
    • Statoil (STO +3.3%) must not attempt to scale back existing labor agreements if it wants to prevent a strike by Norwegian oil and gas workers beginning July 2, says the Industri Energi union, which represents two-thirds of the workers that would strike.
    • Three unions said yesterday that 755 Norwegian workers on seven oil and gas fields operated by STO, Exxon Mobil (XOM +1.2%) and Engie (OTCPK:ENGIY) will strike unless a deal on wages and other working conditions is agreed; Reuters says the fields account for ~18% of Norway's combined output of crude oil, natural gas and natural gas liquids.
    • XOM and Engie have said a conflict would cut output at the fields they operate, while STO has declined to comment on all aspects of the negotiations.
    • Crude oil prices today are ~3% higher, bouncing off their Brexit-fueled selloff, and the threat of the Norway strike is said to be one of the causes.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Yesterday, 2:29 PM | 2 Comments
  • Fri, Jun. 24, 2:15 PM
    | Fri, Jun. 24, 2:15 PM | 32 Comments
  • Fri, Jun. 24, 9:42 AM
    • Even as WTI crude oil now -4.6% at $47.79/bbl and Brent -4.8% at $48.43, Reuters' John Kemp says crude prices so far have shown only a relatively modest impact from the U.K.’s vote to leave the European Union.
    • According to Kemp, the price move in dollar as well as percentage terms was about two standard deviations compared with all one-day price changes since 1990; far larger moves have been common in oil markets, which suggests traders see the impact from the vote as relatively limited, at least for now.
    • For the longer term, the impact on oil demand will be too small to register on a global level, Kemp says, noting that Britain consumes less than 1.6M bbl/day of oil - 1.6% of the global total - and the country’s consumption has been static or falling since 2005.
    • Kemp concedes that his assessment could change rapidly as the consequences of Brexit become clearer.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Jun. 24, 9:42 AM | 29 Comments
  • Fri, Jun. 24, 7:48 AM
    | Fri, Jun. 24, 7:48 AM | 23 Comments
  • Thu, Jun. 23, 7:15 PM
    • BP CEO Bob Dudley joins a growing number of oil industry leaders predicting the historic lows in crude prices are nearing an end.
    • Citing rising oil demand in China, North America and Europe, Dudley says "Global supply and demand recently have moved toward a better balance, and we expect this trend to continue into the second half of 2016 and probably reaching a balance by the end of the year on a daily basis."
    • Dudley foresees an oil price of $50/bbl at the end of this year and $50-$60 oil prices next year, but "we’re not expecting the days of $100 oil to return anytime soon, so we must maintain our discipline and continue to improve our productivity or we won’t survive."
    • Dudley also advocates a price on carbon to allow "a stable, orderly transition to a lower-carbon future."
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Thu, Jun. 23, 7:15 PM | 18 Comments
  • Thu, Jun. 23, 6:20 AM
    • Saudi Arabia's new oil minister has signaled an end to the worst of the oil glut and indicated the OPEC kingpin is preparing to reassert a degree of control over the market after two years of letting prices fall.
    • "We are out of it. The oversupply has disappeared," Khalid Al-Falih told the Houston Chronicle. "We just have to carry the overhang of inventory for a while until the system works it out."
    • Falih replaced long-time Saudi oil policymaker Ali al-Naimi in May.
    • Crude futures +1.5% to $49.85/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Thu, Jun. 23, 6:20 AM | 38 Comments
  • Wed, Jun. 22, 7:15 PM
    • T. Rowe Price (NASDAQ:TROW) natural resources guru Shawn Driscoll is still bearish on oil, and he warns WSJ that the world is in a 10-15 year bear market in energy and commodities.
    • The basis for Driscoll’s bear thesis is rising productivity, which lowers costs and pushes producers to drill more; combined with fast turnarounds in shale drilling, new near-shore projects in places such as Norway and rising production in Iran and elsewhere, and supply will remain strong for years.
    • Driscoll sees the next big test for the bear case is coming up as the oil market gets closer to supply-and-demand balance; oil likely would surge above $50/bbl if demand outstrips supply, but Driscoll believes new supply plus plentiful oil in storage will keep prices low.
    • Driscoll is one of most influential energy bears in the market, and many of T. Rowe Price's fund managers have followed his advice; at the end of Q1, the firm’s 70 stock funds, with $382B in assets, had just over half of the market’s 6.8% weighting in energy - "a big negative bet for a major mainstream firm," writes WSJ's Ken Brown.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Jun. 22, 7:15 PM | 28 Comments
  • Wed, Jun. 22, 10:31 AM
    | Wed, Jun. 22, 10:31 AM | 76 Comments
  • Wed, Jun. 22, 4:22 AM
    • U.S. crude has once again joined Brent above $50 a barrel after data from the American Petroleum Institute showed a larger than expected draw on stocks, with inventories falling by 5.2M barrels for the week ended June 17.
    • The Energy Information Administration will issue official stockpile data this morning at 10:30 a.m. ET.
    • Crude futures +1.1% to $50.42/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Wed, Jun. 22, 4:22 AM | 16 Comments
  • Mon, Jun. 20, 3:58 PM
    • Analysts at Raymond James offer perhaps the most optimistic outlook anywhere for crude oil prices, predicting WTI will average $80/bbl by the end of next year on growing confidence that tightening global oil supply/demand dynamics will support a much higher price level.
    • James sees production outside the U.S. being curbed by more than previously expected, or 400K fewer bbl/day of oil being produced in 2017 relative to its January estimate, particularly organic declines in China, Columbia, Angola and Mexico.
    • Among other reasons, the firm also notes that the unusually large number of unplanned supply outages will, in some cases, persist throughout 2017, taking another 300K bbl/day out of global supply.
    • Using his firm's broader oil outlook, James analyst Pavel Molchanov upgrades Murphy Oil (MUR +6%) to Market Perform from Underperform, adding that he believes MUR's dividend is safe.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Mon, Jun. 20, 3:58 PM | 16 Comments
  • Fri, Jun. 17, 4:12 PM
    | Fri, Jun. 17, 4:12 PM
  • Fri, Jun. 17, 2:12 PM
    | Fri, Jun. 17, 2:12 PM | 44 Comments
  • Thu, Jun. 16, 2:57 PM
    | Thu, Jun. 16, 2:57 PM | 34 Comments
  • Wed, Jun. 15, 10:31 AM
    | Wed, Jun. 15, 10:31 AM | 68 Comments
  • Wed, Jun. 15, 9:48 AM
    • The U.S. rig count has risen for two straight weeks, says the bank's Waqar Syed, the first "meaningful increase" since last August. The international rig count also rose for the first time since September, bucking the usual trend of a 2-3 month lag between inflection points for U.S./International rig counts, says Syed.
    • While the rig count may have bottomed, says Syed, a sharp rebound is unlikely as U.S. explorers and producers wait for signs of a stabilization in prices around current levels.
    • Black gold today is lower by 1.4% to $47.81 per barrel. USO -1.7%
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILX
    | Wed, Jun. 15, 9:48 AM | 11 Comments
  • Tue, Jun. 14, 4:53 AM
    • Global oil markets are moving close to balance in the second half of this year on significantly stronger oil demand and unexpected supply disruptions, the IEA said in its closely watched monthly report.
    • The oversupply in the first half of this year is likely to stand around 800K barrels a day, down from the 1.5M barrels initially anticipated, according to the agency, which cautioned that an "enormous inventory overhang" will still keep a cap on further price increases.
    • Crude futures -1.6% to $48.11/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILX
    | Tue, Jun. 14, 4:53 AM | 16 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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