iPath Pure Beta Crude Oil ETN
 (OLEM)

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  • Yesterday, 1:57 PM
    | Yesterday, 1:57 PM | 49 Comments
  • Yesterday, 12:45 PM
    • WTI crude oil climbs as much as 12%, supported by yesterday's comments by the UAE energy minister that OPEC may be willing to cooperate on possible production cuts.
    • WTI crude for March delivery recently had gained $2.67, or 10.2%, to $28.88/bbl from $26.21 yesterday, the lowest settlement since May 6, 2003; Brent crude was up by $2.78, or 8.4%, to $32.61/bbl.
    • The market is taking the comments seriously "because the UAE is doing an about face [after] saying a month ago a cut was going to be over their dead body basically," says Phil Flynn, senior market analyst at Price Futures Group. "Well, maybe hell froze over."
    • But Michael Cohen, Barclays head of energy commodities research, says the rally is "a lot of false hope... What's been happening over the last month is, as the market's gotten increasingly short, anytime that we see these kinds of headlines, they result in this kind of rapid change in the price."
    • Three reasons why an OPEC production cut is unlikely, according to FuelFix's Matt Smith: OPEC’s tactics are working, OPEC’s production is set to rise, and we are starting to see global production cuts.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Yesterday, 12:45 PM | 55 Comments
  • Yesterday, 7:22 AM
    • According to Deutsche Bank analyst Jim Reid, gold just broke through its previous record price relative to oil, set back in 1892.
    • An ounce of gold will now set you back more than 40 barrels of oil.
    • The cost of gold relative to oil prices is used by some investors as a signal of financial jitters; concerns about global growth typically drive oil prices lower and the gold price higher.
    • Currently, gold futures are -0.7% to $1,239, while crude futures are +4.5% to $27.41.
    • ETFs: GLD, IAU, PHYS, SGOL, UGL, DGP, GTU, GLL, UGLD, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, GEUR, GYEN, UBG, QGLDX, USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    • Source: WSJ
    | Yesterday, 7:22 AM | 34 Comments
  • Yesterday, 4:34 AM
    • Oil is rebounding from the lowest level in more than 12 years as speculation swirls over whether producers will act to bolster the market.
    • "Prices are not appropriate, I won't say for the majority only, but for all producers," UAE Energy Minister Al Mazrouei declared, highlighting that suppliers won’t make cuts unless there is complete cooperation.
    • Despite the move higher, crude is still poised for a second weekly drop due to brimming inventories and forecasts that prices will remain low until the second half of the year.
    • Oil futures +4.8% to $27.46/bbl.
    • Previously: Oil spikes on report of OPEC agreement (Feb. 11 2016)
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Yesterday, 4:34 AM | 45 Comments
  • Wed, Feb. 10, 11:40 AM
    • Black gold shot higher on an unexpected draw on U.S. inventories last week, but has turned and slipped back under $28 per barrel.
    • WTI crude is currently down 0.2% to $27.78
    • Also among the news to digest is a surprisingly upbeat Janet Yellen testifying before Congress - while acknowledging downside risks to the outlook, she continues to expect rate hikes this year.
    • Then there's BP CEO Bob Dudley who says the market won't start to balance until every tanker and swimming pool is filled to the brim with oil (sometime in H2, he says).
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Wed, Feb. 10, 11:40 AM | 38 Comments
  • Wed, Feb. 10, 10:31 AM
    | Wed, Feb. 10, 10:31 AM | 54 Comments
  • Wed, Feb. 10, 4:04 AM
    • Oil prices are pushing higher after Iran proclaimed it was open to cooperation with Saudi Arabia, partly recovering from a 6% fall in the previous session on oversupply worries and weak equities.
    • "We support any form of dialogue and cooperation with OPEC member states including Saudi Arabia," Iranian oil minister Bijan Zangeneh told Press TV.
    • Traders will also turn to EIA's weekly inventory data this morning, following yesterday's API figures that reported a build of 2.4M barrels in U.S. crude stockpiles.
    • Crude futures +2.3% to $28.58/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Feb. 10, 4:04 AM | 42 Comments
  • Tue, Feb. 9, 3:30 PM
    | Tue, Feb. 9, 3:30 PM | 55 Comments
  • Tue, Feb. 9, 1:20 PM
    • The EIA lowered its forecast on oil prices in a new forecast.
    • The government agency expects WTI prices to average $37.59/bbl this year vs. $38.54/bbl prior forecast. The EIA sees Brent crude averaging $37.52/bbl in 2016 vs. $40.15 prior view.
    • U.S. retail gas prices are seen averaging $1.98/gallon this year and $2.21/gallon in 2017.
    • Oil futures are lower on the day.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM.
    | Tue, Feb. 9, 1:20 PM | 10 Comments
  • Tue, Feb. 9, 9:58 AM
    • Crude oil could drop below $20/bbl, but the oil slump does not seem likely to derail the global economy, Goldman Sachs predicts, in a bearish view that coincides with the latest report from the IEA.
    • With capacity to store oil exhausted in some places, prices may need to drop low enough to halt crude output that can no longer be stockpiled, says Jeff Currie, Goldman’s head of commodities research.
    • The storage sites most likely to run out of space are "landlocked,” such as Cushing, Okla., where inventories reached 64.2M barrels in the week to Jan. 15, the highest in data from the Energy Department that extend back to 2004.
    • The IEA says the global oil surplus will be bigger than previously estimated, increasing the risk of further price losses, as Iran and Iraq boost production while demand growth slows.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Feb. 9, 9:58 AM | 48 Comments
  • Tue, Feb. 9, 4:46 AM
    • The surplus of supply over demand at the start of the year is "even greater" than initially expected, the International Energy Agency said in its latest monthly report.
    • "With the market already awash in oil, it is very hard to see how oil prices can rise significantly in the short term."
    • Supply may exceed consumption by an average of 1.75M bpd in the first half of 2016, compared with an estimate of 1.5M last month, and the excess could swell if OPEC members bolster production.
    • Crude futures +2.2% to $30.34/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Feb. 9, 4:46 AM | 53 Comments
  • Mon, Feb. 8, 12:55 PM
    • Iran plans to sell 300K bbl/day of crude oil to European customers now that Western sanctions have been lifted, Iran’s oil minister said over the weekend, the first time the country's top oil official has said how much of its new exports would be headed for Europe.
    • The comments came amid signs that European oil tanker companies were finding ways to ship Iranian oil despite remaining U.S. sanctions on Iran.
    • Glencore (OTCPK:GLCNF, OTCPK:GLNCY) on Friday became the first Western company to load Iranian oil, the first in a wave of European purchases of Iranian oil, although the others have yet to be loaded.
    • Iranian officials also said Total (NYSE:TOT) will start importing 160K bbl/day of oil starting on Feb. 16; shipping officials say the company has chartered a 2M-barrel tanker to load crude next week.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Mon, Feb. 8, 12:55 PM | 20 Comments
  • Mon, Feb. 8, 4:54 AM
    • Oil futures are drifting into the red after a weekend meeting between Saudi Arabia and Venezuela to discuss coordination on crude costs ended with few signs there would be steps taken to boost prices.
    • "They seem like just general talk about cooperation, but nothing about cutting production," OPEC sources said. "The issue is not with Venezuela, it is with Iran."
    • Crude futures -3.5% $29.81/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Mon, Feb. 8, 4:54 AM | 72 Comments
  • Fri, Feb. 5, 1:53 PM
    | Fri, Feb. 5, 1:53 PM | 88 Comments
  • Fri, Feb. 5, 12:29 PM
    • Even as crude oil is cheaper than during the financial crisis seven years ago, global oil prices have not fallen far enough yet to force oil producers to shut in more than 0.1% of the world’s daily supply, according to a new oilfield analysis from energy consultant Wood Mackenzie.
    • Just 100K bbl/day out of the 96.1M bbl/day of oil pumped worldwide have been closed so far since the price plunge, most of it in Canada's oil sands, conventional U.S. projects and aging fields in the U.K. North Sea, according to the analysis.
    • The data suggests if oil prices stay at current levels, the oil market will have to wait out a slow, natural decline in worldwide crude production before the large oversupply that has kept prices low for months can be corrected.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Feb. 5, 12:29 PM | 42 Comments
  • Thu, Feb. 4, 3:29 PM
    • In the president's final budget to be released next week, he's set to propose more than $300B worth of investments in various trendy climate-friendly transportation ideas, reports Politico. The heady number is to be paid for with a $10 per barrel "fee" on every barrel of oil.
    • It's likely DOA in a Republican-controlled Congress, but it's certain to be a conversation-starter, particularly in an election year. Adding up to $0.25 per gallon to the cost of gasoline? What say you Mr. or Ms. Presidential candidate?
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, BNO, DWTI, DBO, ERY, DIG, DTO, UGA, DUG, BGR, USL, IYE, DNO, FENY, PXJ, FIF, UHN, DBE, OLO, RYE, SZO, RJN, FXN, DDG, OLEM, JJE, ONG, UBN
    | Thu, Feb. 4, 3:29 PM | 210 Comments
OLEM Description
The iPath® Pure Beta Crude Oil ETN is linked to the Barclays Capital WTI Crude Oil Pure Beta TR Index (the "Index"). The Index is intended to reflect the returns that are potentially available through an unleveraged investment in the futures contracts in the Crude Oil markets.
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