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iPath Pure Beta Crude Oil ETN (OLEM)

- NYSEARCA
  • Oct. 16, 2014, 10:58 AM
    • Baker Hughes (BHI -10.2%) CEO Martin Craighead says during this morning's earnings conference call that oil prices below $75/bbl for a few months may cause energy companies to pull back spending on exploration and production.
    • But BHI customers don’t believe oil prices will stay low, the CEO says, adding that “the returns are still quite attractive... right now, it’s full steam ahead.”
    • Craighead says BHI is on pace to deliver solid results in Q4, deepwater projects are moving forward, and customers spending should remain stable.
    • T. Boone Pickens, among others, have said $80 U.S. oil for a quarter would cause E&P companies to reassess; West Texas crude fell below $80 this morning for the first time since June 2012, and now trades at ~$81.
    • Schlumberger (SLB -0.6%), the no. 1 supplier of oilfield services, is scheduled to release quarterly results after today's close.
    • Earlier: Baker Hughes misses estimates on weaker Gulf of Mexico drilling activity.
    • ETFs: USO, OIL, UCO, OIH, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, TWTI, OLEM
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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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