DB Crude Oil Long ETN (OLO) - NYSEARCA
  • Today, 1:55 PM
    | Today, 1:55 PM
  • Yesterday, 2:14 PM
    • WTI crude could have a $39 handle in its future as its relentless July slide continues, off another 1.9% today to $41.11 per barrel. Texas Tea started the month around $50, and nearly touched $53 in early June.
    • While the correction since then has torched long oil funds, bulls haven't given up, says Street One Financial's Paul Weisbruch, noting the net positions of the bulls greatly outnumbers that of the bears.
    • Barron's Chris Dieterich points out the bullish triple-levered $1.2B UWTI has brought in $804M over the past month, while its bearish counterpart, the DWTI has shed $106M.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILD, OILX, OILU
    | Yesterday, 2:14 PM | 32 Comments
  • Yesterday, 6:45 AM
    • Since crude prices hit a year-high above $52 a barrel in June they have slipped almost 20%, leaving them on the cusp of a new bear market.
    • EIA data on Wednesday unexpectedly showed a 1.7M barrel rise in U.S. crude inventories versus what had been steady declines in previous weeks.
    • "The improvement in oil fundamentals remains fragile and continues to feature large offsetting forces," Goldman Sachs said in a research note, but predicted oil prices to remain in the $45-$50 range until mid-2017.
    • Crude futures -0.2% to $41.82/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILU, OILD, OILX
    | Yesterday, 6:45 AM | 18 Comments
  • Wed, Jul. 27, 11:07 AM
    | Wed, Jul. 27, 11:07 AM | 42 Comments
  • Wed, Jul. 27, 10:44 AM
    | Wed, Jul. 27, 10:44 AM | 34 Comments
  • Sun, Jul. 24, 8:41 AM
    • Libya's hopes to boost crude exports have been dealt a blow after the head of the National Oil Corporation objected to a deal between the government and local guards involving payments to reopen key ports.
    • "It sets a terrible precedent and will encourage anybody who can muster a militia to shut down a pipeline, an oilfield, or a port, to see what they can extort," Mustafa Sanalla said in a letter to U.N. Libya envoy Martin Kobler.
    • Armed factions and security threats have already helped slash Libya oil output to less than a quarter of the 1.6M bpd seen before the 2011 uprising against Muammar Gaddafi.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILU, OILD, OILX
    | Sun, Jul. 24, 8:41 AM | 15 Comments
  • Fri, Jul. 22, 1:15 PM
    • The U.S. oil rig count rose by 14 to 371, according to Baker-Hughes. The gas rig count fell by one to 88, and miscellaneous rigs rose by two, so the total U.S. rig count gained 15 to 462.
    • Oil continues its steady July slide, down 1.9% in today's session to $43.89 per barrel. Black gold has dipped about $10 per barrel since an early June peak.
    • USO -1.5%
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILD, OILX, OILU
    | Fri, Jul. 22, 1:15 PM | 40 Comments
  • Wed, Jul. 20, 3:53 PM
    • "Today, our customers are thinking about growing their business again rather than being focused on survival," said Halliburton CEO David Lesar, as the company reported its Q2.
    • The notion of coordinating supply cuts with OPEC is dead, Russia's energy minister told Reuters.
    • The Saudi Aramco CEO told reporters low oil prices won't stop his company from drilling more or nix plans to sell shares.
    • The above suggests those hoping for a "great rebalancing" of the oil market to bail out their long bets might have to wait a little longer as the war for market share goes on, writes Liam Denning.
    • Particularly interesting were the Halliburton comments calling a bottom in shale drilling despite oil still being south of $50 per barrel.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILX
    | Wed, Jul. 20, 3:53 PM | 36 Comments
  • Wed, Jul. 20, 11:16 AM
    • "The producers have sold the hell out of this rally," says Stephen Schork. "The companies that did survive, they've been hedging." Laredo Petroleum, for example, said it hedged more than 2M barrels of 2017 output in July. Drillers overall have boosted bets on falling prices by 29% this year, according to Bloomberg.
    • Drillers are also taking advantage of oil's rally to raise capital - they're selling stock at record speed, raising more than $16B so far this year. “The producers know full well that the oil market is not out of the woods yet," says Again Capital's John Kilduff.
    • To review, the price of oil fell 38% in H2 of 2015, and 49% in H2 of 2014.
    • Meanwhile, gasoline (NYSEARCA:UGA) inventories are so swollen that at least five sea tankers coming into NYC were turned away over the past few weeks. According to the EIA, stockpiles of 240.1M barrels as of July 8 were an all-time seasonal high.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILD, OILX, OILU
    | Wed, Jul. 20, 11:16 AM | 5 Comments
  • Wed, Jul. 20, 10:32 AM
    | Wed, Jul. 20, 10:32 AM | 23 Comments
  • Wed, Jul. 20, 10:18 AM
    • Russian Energy Minister Alexander Novak scuttles any hope that the world's biggest oil producers would coordinate on output to stem global oversupply, telling Reuters that the country is not discussing coordination with OPEC and that Russian oil output would rise to a 30-year high 542M-544M tons this year.
    • Novak says Russia sees its cooperation with OPEC focusing on the exchange of information and analysis on the global oil market, rather than on coordinating production.
    • Brent crude -1% at $46.20/bbl, while WTI -1.5% at $43.97 after falling as low as $43.69, its lowest intraday level since May 10; the August contract expires at the close of trade today.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Jul. 20, 10:18 AM | 5 Comments
  • Mon, Jul. 18, 9:18 AM
    • Crude oil prices are lower as the market shrugs off the impact of Turkey's failed coup and turns its attention to bearish fundamentals; WTI -2% at $45.03/bbl, and Brent -1.9% at $46.70.
    • Oil tankers reportedly are loading and unloading cargoes normally at Turkey’s ports and sailing without interruption, and pipeline flows through the country to the Turkish port of Ceyhan also are at the usual levels.
    • BP, operator of the Baku-Tbilisi-Ceyhan pipeline from Azerbaijan via Georgia, confirms that oil flow is uninterrupted.
    • The Turkish Straits, including the Bosphorus and Dardanelles, are one of the world’s major choke points for seaborne crude transit, with ~2.9M barrels of oil passing through daily in 2013, the latest year of available data.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Mon, Jul. 18, 9:18 AM
  • Fri, Jul. 15, 2:27 PM
    • The number of U.S. oil drilling rigs rose by 6 to 357 for the third straight week of increases and the sixth gain in seven weeks, according to Baker Hughes' latest survey.
    • The overall rig count, which includes one additional gas rig to 89, now totals 447, up from a low of 404 rigs in May, when the industry started putting rigs back into operation after many months of reductions during the oil bust.
    • Despite this week’s jump, the oil rig count is down 78% from its peak of 1,609 in October 2014.
    • ETFs: USO, UNG, OIL, UWTI, UGAZ, UCO, DGAZ, DWTI, SCO, BNO, BOIL, DBO, GAZ, DTO, USL, KOLD, UNL, DNO, OLO, SZO, DCNG, OLEM
    | Fri, Jul. 15, 2:27 PM | 42 Comments
  • Wed, Jul. 13, 10:31 AM
    | Wed, Jul. 13, 10:31 AM | 42 Comments
  • Wed, Jul. 13, 4:42 AM
    • Global crude markets have undergone an "extraordinary transformation," swinging from a major surplus to near balance in Q2, according to the IEA, but record high oil stocks are threatening the "recent stability of prices."
    • Middle Eastern output exceeded 31M bpd for a third month in June, while U.S. oil production slid 140K bpd to 12.45M, the agency said in its closely watched monthly report, which largely kept forecasts for supply and demand unchanged.
    • Crude futures -1.5% to $46.12/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILU, OILD, OILX
    | Wed, Jul. 13, 4:42 AM | 4 Comments
  • Tue, Jul. 12, 1:08 PM
    • The EIA sees an average price for WTI crude this year of $43.57 per barrel, up from $42.83 previously. For 2017, the agency projects an average price of $52.15.
    • The oil production forecast - 8.6M barrels per day this year and 8.19M in 2017 - is inline with the previous guess.
    • As for June production, the EIA figures it was 8.6M b/d, 200K less than May, and nearly 1.1M lower than April of 2015.
    • Oil today is recouping some of its lost ground of the past couple of weeks, up 4.1% to $46.60. USO +4.8%
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILD, OILX, OILU
    | Tue, Jul. 12, 1:08 PM | 32 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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