DB Crude Oil Long ETN
 (OLO)

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  • 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
  • Tue, Jan. 26, 4:53 AM
    • Stocks across the globe declined for a second day as Chinese markets plunged and oil fell back below $30/bbl, following news that Iraq's output hit a record high and Saudi Arabia pledged to maintain energy investment.
    • "Oil is the canary in the coal mine," said John Manley, chief equity strategist for Wells Fargo Funds Management.
    • Expectations are also high that U.S. stockpiles data will intensify concerns over the global glut. Official data by the EIA will be released on Wednesday.
    • WTI -2.7% to $29.53/bbl; Brent -2.6% to $29.71/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Jan. 26, 4:53 AM | 10 Comments
  • Mon, Jan. 25, 3:52 AM
    • Crude futures are turning lower again on oversupply woes and profit-taking, reversing from last week's surge on short-covering and fuel demand triggered by freezing weather in parts of the northern hemisphere.
    • Over the weekend, Saudi Aramco said it would not reduce its new investment in oil and gas production capacity despite cost-cutting measures, and Iran marked its first sale of crude to a European country since the lifting of sanctions.
    • Crude futures -3.6% to $31.04/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Mon, Jan. 25, 3:52 AM | 51 Comments
  • Sat, Jan. 23, 8:25 AM
    • As analysts debate whether crude oil's end-of-the-week spike above $30/bbl is a dead-cat bounce or a double-bottom base, some forecasters are predicting a rebound beginning in H2 of this year.
    • Crude should find a bottom within 1-3 months before moving higher during H2, with Brent averaging $41/bbl in Q3 and $52/bbl in Q4, Citi's Ivan Szpakowski predicts.
    • "There will be an initial wave of supply from Iran, but once that’s done, it will be flat... that’s when you start seeing opportunities for oil to turn," Citi says. "Part of the reason oil is the trade of the year is because it’s going to have such a broad affect, it’s going to take a lot of asset classes up with it."
    • Jeffrey Currie and his team at Goldman Sachs are seeing early signs of a slowdown in production that may lead to the “birth of a bull market" after another nine months or so. “We’re not bullish right now, but I’m not tripping all over myself to be the most bearish guy in the room anymore," Currie recently told CNBC.
    • In the meantime, Goldman believes prices will be locked in at $20-$40 for several months with the current market in a transitional "inflection phase... where the least fit producers engage in significant capital restructuring."
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Sat, Jan. 23, 8:25 AM | 112 Comments
  • Fri, Jan. 22, 2:57 PM
    • WTI crude oil at one point this week neared a $25 handle, but a big afternoon move yesterday combined with an 8.2% gain today leaves it at $31.95 per barrel, up about $1 from seven days ago. USO +7.3%
    • Oil started off 2016 at around $38 per barrel.
    • There's nothing like a loud warning from Moody's to ring a bell for at least a temporary bottom, and this morning the ratings agency put 175 oil and commodity producers under review for downgrade. Naturally in response, the energy sector's 4.2% gain is leading the S&P 500's 1.9% advance.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Fri, Jan. 22, 2:57 PM | 32 Comments
  • Fri, Jan. 22, 1:40 PM
    • The number of oil rigs drilling in the U.S. fell by 5 in the past week to a total of 510, according to the latest survey from Baker Hughes.
    • There are now about 68% fewer rigs from a peak of 1,609 in October 2014.
    • The total active U.S. rig count - which includes a drop of 8 natural gas rigs to 127 - fell 13 to 637
    • Compared to last year, the total U.S. rig count has fallen by 996, with oil rigs down by 807.
    • ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, SCO, BNO, BOIL, GAZ, DBO, DWTI, DTO, KOLD, USL, UNL, DNO, OLO, SZO, DCNG, OLEM
    | Fri, Jan. 22, 1:40 PM | 62 Comments
  • Fri, Jan. 22, 6:40 AM
    • Marking the largest weekly rally in three months, oil futures have skyrocketed above $31, as a cold front sweeping the U.S. and Europe as well as firmer financial markets gave traders reason to cash in on short positions.
    • Although crude is poised for its first weekly gain this year, analysts still warn there has been no shift in the fundamental backdrop of supply that far exceeds demand and swelling inventories.
    • Earnings season could also play a big role in driving prices in the near term.
    • WTI +5.7% to $31.23/bbl; Brent +7% to $31.30/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Jan. 22, 6:40 AM | 64 Comments
  • Thu, Jan. 21, 3:49 PM
    • Crude oil futures settled more than 4% higher on the back of perceived oversold conditions, despite a higher than expected inventory build; March WTI jumped 4.2% to settle at $29.53/bbl after trading as high as $30.25, while Brent surged 4.9% to $29.25.
    • Crude prices were supported by the inventory increase in this morning's EIA report, which was less than the API’s report released on Wednesday, says Phil Flynn, senior market analyst at Price Futures Group; also, reports of Libyan oil tanks on fire eased speculation that Libya would be exporting more oil soon.
    • Also supportive for prices, oil production in the lower 48 states edged lower for the first time in seven weeks, “which is at least ‘less bearish’ for the extremely oversupplied global oil market,” says Tyler Richey of The 7:00’s Report.
    • The energy sector is bouncing after hitting a multiyear low yesterday: XOM +1.4%, CVX +2.7%, RDS.A +3.8%, BP +3.7%, TOT +2.3%, STO +4.5%, COP +6.2%, MRO +12.2%, APC +10.3%, OXY +2.1%, EOG +6.4%, PXD +2.7%, APA +8.2%, HES +7%, KMI +15.5%, EPD +3.3%, ETP +6.8%.
    • ETFs: UNG, USO, OIL, XLE, UGAZ, UCO, DGAZ, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, BOIL, GAZ, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, KOLD, BGR, USL, XES, IYE, IEO, UNL, IEZ, DNO, FENY, PXE, PXI, FIF, PXJ, OLO, SZO, NDP, RYE, DCNG, FXN, OLEM, DDG
    | Thu, Jan. 21, 3:49 PM | 116 Comments
  • Thu, Jan. 21, 11:29 AM
    • BP (BP +2.3%) CEO Bob Dudley tells the World Economic Forum in Davos that the current crisis in oil prices is as bad as the 1986 crash, when crude prices fell as low as $7/bbl.
    • "The first and second quarter will be very difficult... It is a big shock for producing countries. It reminds me of 1986," Dudley says, but adding that he believes markets will begin to rebalance later in 2016 with oversupply shrinking and investment falling.
    • Most of the oil execs and representatives of energy-rich countries meeting in Davos reportedly agree the market is oversupplied by ~1M bbl/day and that lower spending on new projects will bring supply and demand into balance next year.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Thu, Jan. 21, 11:29 AM | 52 Comments
  • Thu, Jan. 21, 11:01 AM
    | Thu, Jan. 21, 11:01 AM | 76 Comments
  • Wed, Jan. 20, 4:48 PM
    • The first export of U.S. crude oil in four decades arrived in Europe early today, reaching the French port of Marseille before sunrise after leaving from Texas nearly three weeks ago, Financial Times reports.
    • Oil trader Vitol is expected to unload the shipment - a mix of ultralight oil from the Texas Eagle Ford shale formation produced by ConocoPhillips (NYSE:COP) - which will then travel by pipeline to one of two refineries the company operates in Europe under a joint venture with the Carlyle Group (NASDAQ:CG).
    • Energy analysts say it could take a while before the volume of U.S. oil exports expands beyond today’s trickle, as U.S. crude output is expected to fall later this year as producers face shrinking revenues and soaring debt due to plunging oil prices.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Jan. 20, 4:48 PM | 28 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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