DB Crude Oil Long ETN
 (OLO)

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  • Today, 1:53 PM
    | Today, 1:53 PM | 39 Comments
  • Today, 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
    | Today, 12:29 PM | 30 Comments
  • Yesterday, 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
    | Yesterday, 3:29 PM | 200 Comments
  • Wed, Feb. 3, 2:36 PM
    • Renewed chatter of talks between Russia and Saudi Arabia on production cuts seems as good of an excuse as any for oil's 7.3% gain today to $32.08 per barrel. USO +8.4%
    • The move comes despite the EIA reporting a big 7.8M barrel build in crude stocks.
    • Oil's moonshot has brought the XLE with it, and, in turn, the major averages. Down 1% earlier, the S&P 500 is higher by 0.1%, with the XLE up a full 2.2%.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Wed, Feb. 3, 2:36 PM | 106 Comments
  • Wed, Feb. 3, 10:38 AM
    | Wed, Feb. 3, 10:38 AM | 52 Comments
  • Tue, Feb. 2, 4:50 PM
    • Crude inventories: +3.8M barrels vs. consensus of as low as +1.2M, or +4M according to Bloomberg.
    • Cushing +0.1M barrels. Distillate +0.4M barrels. Gasoline +6.6M barrels
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    • Crude futures -6.1% to $29.68.
    | Tue, Feb. 2, 4:50 PM | 75 Comments
  • Tue, Feb. 2, 9:58 AM
    • A big bounce in the price of crude oil at the end of January - which took the price of Texas Tea to nearly $35 per barrel from about $27 - is officially over. With today's 5% decline to back under $30, crude is lower by almost 12% in the first one day-plus in February.
    • Shocking no one, the XLE's 3.2% slump is leading the S&P 500's early 1.4% drop.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Tue, Feb. 2, 9:58 AM | 27 Comments
  • Mon, Feb. 1, 2:15 PM
    | Mon, Feb. 1, 2:15 PM | 23 Comments
  • Fri, Jan. 29, 1:55 PM
    | Fri, Jan. 29, 1:55 PM | 63 Comments
  • Fri, Jan. 29, 11:59 AM
    • Rosneft (OTC:RNFTF) downplays the prospects of a coordinated production cut with OPEC and describes the yesterday's rally in oil prices on speculation of such a move as “idiotic," Financial Times reports.
    • Igor Sechin, Rosneft’s top executive, has long argued that the structure of Russia’s oil sector and its harsh winters would make it difficult to implement a government-mandated output cut.
    • Crude oil prices surged as much as 8% yesterday after Energy Minister Novak said Russia was ready to take part in a meeting with OPEC members next month.
    • "We would judge these type of statements [yesterday] to be nothing more than verbal attempts to prevent the market from aggressively testing the downside during this crucial phase when returning Iranian oil and lower seasonal crude runs at a time of already high stock levels,” says analysts at JBC Energy.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Jan. 29, 11:59 AM | 24 Comments
  • Thu, Jan. 28, 7:26 PM
    • Oil market analysts say Russian talk of production cuts is giving the market "false hope" and are mostly dismissive of the possibility of coordinated production cuts by OPEC and Russia.
    • "Talk of an OPEC cut is likely no more than an attempt to shift market sentiment," says Barclays' Michael Cohen, who thinks part of the rationale for Russia to sound a more amenable tone is that its government wants to be seen as a good negotiator.
    • The reality is that "it’s a hard sell for Saudi Arabia - and Russia, for that matter - to agree to cut production while Iran continues to ramp up output," Cohen writes.
    • "Political relations between Saudi Arabia and Russia are poor,” says Julian Jessop, head of commodities research at Capital Economics, who adds that "even if a high level deal could be done, it is not clear that Russia could deliver."
    • Analysts note that from a physical standpoint, it is difficult for Russia to turn on and off reservoirs without major complications; some production decline already is underway in Russia anyway, and further cuts during the winter are highly unlikely since it would bring about a near-permanent loss in the ability to produce from Russian wells.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, DIG, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Thu, Jan. 28, 7:26 PM | 82 Comments
  • Thu, Jan. 28, 10:41 AM
    • Oil and stocks got a big early lift on renewed rumors of cooperation between Russia and OPEC on production cuts.
    • Four OPEC delegates, however, say they've heard nothing about any plans for talks, reports Bloomberg, which notes significant obstacles to an agreement - including Saudi Arabia's desire to hold onto market share, and Russia's inability to cut production during the winter months. OPEC next meets in June.
    • Up nearly 8% earlier, oil has pared back to a 3.4% gain. USO +3.4%. The XLE has trimmed its advance, now up 1.75%, and the major averages have moved into the red. S&P 500 (SPY -0.1%), DJIA (DIA -0.2%), Nasdaq (QQQ -0.1%).
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Thu, Jan. 28, 10:41 AM | 113 Comments
  • Thu, Jan. 28, 9:21 AM
    • The chatter began earlier this week of some sort of looming agreement between Russia and OPEC for production cuts, and it's getting new life this morning.
    • WTi crude is now higher by 4.6% to $33.75 per barrel, and is dragging the XLE up 3.3%, and the major averages, with S&P 500 (NYSEARCA:SPY) and Dow (NYSEARCA:DIA) futures higher by nearly 1% after being about flat not long ago.
    • USO +7.2% premarket
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Thu, Jan. 28, 9:21 AM | 30 Comments
  • Wed, Jan. 27, 10:30 AM
    | Wed, Jan. 27, 10:30 AM | 76 Comments
  • Wed, Jan. 27, 6:28 AM
    • Oil prices are retreating following a surge on Tuesday after Iraq's oil minister alluded to flexibility from non-OPEC states in collaborating regarding production cuts.
    • "This is a schizophrenic market. Big up days, big down days. No real direction," said Tim Ghriskey, chief investment officer of the Solaris Group. "We need some stability in oil prices for the markets to calm down from here and become less volatile."
    • Crude futures -3.5% to $30.36/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Jan. 27, 6:28 AM | 17 Comments
  • Tue, Jan. 26, 8:08 AM
    • Down near $29 at one point overnight, crude oil reversed to as high as almost $31 per barrel as Iraq Oil Minister Adel Abdul Mahdi suggested the world's two largest producers - Saudi Arabia and Russia - have gotten religion about curbing production. Of course, details were not to be found.
    • In the meantime, the head of Saudi Aramco says there's a greater glut than expected, but made no mention of any production cuts. Mulling the Iraq minister's statement, Bloomberg's Julian Lee notes there's been no indication the Saudi position - that any production cuts be part of a broader OPEC agreement - has changed, and Russian officials say output cuts wouldn't be effective.
    • OPEC and Russia appear to continue to be in agreement that the supply glut is due to U.S. production, and there's little they can do about that (except try to force U.S. producers out of business with low prices).
    • Oil's in the process of giving back those earlier gains, now up just $0.04 per barrel to $30.39.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Tue, Jan. 26, 8:08 AM | 49 Comments
OLO Description
The DB Crude Oil Long ETN tracks the performance of crude oil using futures contracts. It uses an optimized rolling strategy to minimize contango.
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