DB Crude Oil Long ETN
 (OLO)

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  • Sun, Jan. 17, 4:27 AM
    • July's nuclear deal between Iran and six world powers came into effect Saturday evening, triggering an end to years of sweeping economic and financial sanctions on Tehran over its nuclear work.
    • "Today marks the first day of a safer world," Secretary of State John Kerry declared in Vienna. "This evening, we are really reminded once again of diplomacy's power to tackle significant challenges."
    • What's on watch? $100B worth of Iranian assets are set to be unfrozen and many global companies will now be permitted to do business with the Islamic Republic. Iran has also said it plans to scale up oil production and exports by 500K bpd - a move that comes as crude prices languish below $30/bbl and amid deteriorating relations with Saudi Arabia.
    • A prisoner swap was also negotiated as part of the diplomatic maneuvering. Four Americans imprisoned in Tehran were exchanged for seven Iranians held or charged in the U.S.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Sun, Jan. 17, 4:27 AM | 309 Comments
  • Fri, Jan. 15, 3:20 PM
    | Fri, Jan. 15, 3:20 PM | 117 Comments
  • Fri, Jan. 15, 1:54 PM
    • The U.S. oil rig count fell by just one to 515 in the latest week, the lowest number since April 2010, according to the latest data from Baker Hughes
    • The total active U.S. rig count, which includes natural gas rigs, fell by 14 at 650, the lowest since August 1999; compared to last year, the total rig count has dropped 61%, while the oil rig count has fallen 62%.
    • Crude oil prices, which already had plunged below $30/bbl, are little changed by the news: WTI -5.5% at $29.47, Brent -5.6% at $29.13.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Jan. 15, 1:54 PM | 23 Comments
  • Fri, Jan. 15, 4:09 AM
    • Crude futures are heading lower after posting the first significant gains for 2016 in the previous session, as the prospect of additional Iranian supply looms over the market with Western sanctions expected to be lifted within days.
    • China's Sinopec (SNP, SHI) has also purchased its first ever batch of U.S. oil for export, a landmark transaction after the ending of a four-decade ban on domestic exports.
    • West Texas Intermediate is down 3.4% at $30.13 a barrel, near the 12-year low of $29.93 hit earlier this week.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Jan. 15, 4:09 AM | 42 Comments
  • Thu, Jan. 14, 3:26 PM
    • Energy stocks are broadly higher as U.S. crude oil bounces off $30/bbl to end pit trading at $31.22, +2.6%; the SPDR Energy ETF (XLE +5.1%) soars 5%, with 36 of its 40 equity components trading higher, after closing yesterday at its lowest level since September 2010.
    • Exxon Mobil (XOM +5.5%) and Chevron (CVX +5.9%) are the Dow's top two gainers; and pipeline companies sport strong showings with Kinder Morgan (KMI +8.2%), Plains All American Pipeline (PAA +11.7%) and Williams Cos. (WMB +27.4%) among the biggest winners.
    • Among other major energy movers: ETE +22.6%, BP +7.6%, MRO +7.5%, OXY +7.1%, PBR +7%, COP +7%, RDS.A +6.7%, SE +6.1%, PSX +6.1%, ETP +6.1%, EPD +5.3%, APA +5%, E +4.6%, HES +4.1%, MPC +4.1%.
    • Amid overwhelmingly negative sentiment, a few analysts are venturing out to say the worst may be over or nearly so: Deutsche Bank’s Torsten Slok thinks "we now have the worst behind us in terms of the negative impact of falling oil prices on the economy," and Gluskin Sheff’s David Rosenberg argues that the oil selloff is getting “long in the tooth.”
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Thu, Jan. 14, 3:26 PM | 89 Comments
  • Thu, Jan. 14, 4:31 AM
    • Brent oil prices dipped below $30/bbl in Asian hours today, hitting a new 12-year low and trading at a discount to U.S. crude.
    • "I think most of the bearishness is coming from worries over Iranian sanctions being lifted. It seems to be causing panic selling in Brent," said Daniel Ang, an analyst with Phillip Futures.
    • Prices have already tanked 20% this year and analysts vary greatly over the level and when the commodity will hit a bottom.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Thu, Jan. 14, 4:31 AM | 33 Comments
  • Wed, Jan. 13, 10:32 AM
    | Wed, Jan. 13, 10:32 AM | 66 Comments
  • Wed, Jan. 13, 2:11 AM
    • Crude futures are on the rise for the first time in eight days, with U.S. oil pulling further away from the closely watched $30-level breached last session following data from the American Petroleum Institute.
    • According to the industry group, oil inventories unexpectedly fell last week, sliding 3.9M barrels to 480M.
    • Brent +0.7% to $31.06/bbl; WTI +1% to $30.75/bbl.
    • Also on tap: The EIA publishes its weekly inventories data at 10:30 a.m. ET.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Jan. 13, 2:11 AM | 52 Comments
  • Tue, Jan. 12, 10:53 PM
    • Barclays becomes the latest bank to slash its outlook for crude oil prices, and is now clearly the most pessimistic bank when it comes to the prognosis for oil.
    • The bank now expects both Brent and WTI crude to average $37/bbl in 2016, down from a previous forecast of $60 and $56, respectively, citing the “complete breakdown of OPEC cohesion” and U.S. shale producers that have proved to be “resilient beyond expectations."
    • BofA Merrill Lynch is the runnerup for most pessimistic, forecasting WTI to average $45/bbl this year; Morgan Stanley yesterday argued that scenarios with crude as low as $20/bbl are possible, but that is not its 2016 base forecast, as the bank expects crude to average $47.50 this year.
    • U.S. crude slipped below $30/bbl earlier today, and U.S. crude futures traded below $50 through 2021; the U.S. Energy Information Administration now predicts that already heavily swollen global oil stockpiles will continue to rise until H2 2017.
    • 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, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Tue, Jan. 12, 10:53 PM | 26 Comments
  • Tue, Jan. 12, 4:59 PM
    • U.S. oil inventories slid 3.7M barrels last week, but gasoline stocks rose 7M barrels and distillates by another 3.6M, according to the API.
    • WTI crude is at $30.56 per barrel. USO -1% after hours
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Tue, Jan. 12, 4:59 PM | 64 Comments
  • Tue, Jan. 12, 10:59 AM
    • Saudi Arabia's attempt to flood the crude market at a time of oversupply and concerns about weakening demand is failing, Continental Resources (CLR -0.8%) founder and CEO Harold Hamm tells CNBC.
    • "The Saudis turned 1.8M barrels on, and basically their intent was to drown us. But they've not got that done. It's been a monumental mistake for them, I might add, a trillion-dollar mistake," Hamm says, citing speculation that Saudi Aramco may sell at least part of its operations in an IPO as evidence.
    • Hamm expects oil prices to nearly double to $50-$60 during the year as output, at least in the U.S., abates: "The tipping point is getting back to equilibrium with supply and demand. We see that happening in the back part of the year."
    • Oppenheimer analyst Fadel Gheit told CNBC yesterday that half of U.S. shale producers could go bankrupt before crude eventually turns, but Hamm says this narrative is vastly overstated: "It's a different situation than it was in the 1980s. Most of the companies out there [now] have long term money that's not coming due tomorrow. They're able to ride this out."
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Jan. 12, 10:59 AM | 56 Comments
  • Tue, Jan. 12, 10:50 AM
    • WTI crude oil is now down 0.9% to $31.13/bbl in a bouncy session that has ranged from $30.41 to $32.21.
    • Managed short positions in WTI crude oil contracts are at a record high in an indication that volatility could increase.
    • Earlier today, signs emerged that OPEC is considering an emergency meeting. The next regularly scheduled OPEC meeting isn't until June 2.
    • related ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Jan. 12, 10:50 AM | 16 Comments
  • Mon, Jan. 11, 7:47 AM
    • It's nearly impossible to forecast the direction of one asset, but Morgan Stanley's Adam Longson is going for two, predicting Brent oil could fall to $20 per barrel alongside further gains in the dollar.
    • A global glut may have been responsible for the initial crash in crude oil below $60 per barrel, he says, but the drop into the mid-$30s has been about the rising greenback.
    • “Oil in the $20s is possible, but not for the reasons often cited,” says Longson. “It’s not about deteriorating fundamentals.”
    • WTI crude is down 1.5% this morning to $32.67.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Mon, Jan. 11, 7:47 AM | 34 Comments
  • Fri, Jan. 8, 5:35 PM
    • Crude oil fell for a fifth straight day en route to another 10% tumble on the week, despite data that showed a decline in active U.S. drilling rigs; traders are dismissing signs of slowing work because the reduction has not translated to lower production, WSJ reports.
    • The world’s glut is likely to worsen in coming months from seasonal additions to stockpiles, new supplies are on the way from Iran after the end of sanctions, and tensions between Iran and Saudi Arabia could lead to higher oil output as the two countries compete against one another, according to Tariq Zahir of Tyche Capital Advisors.
    • Many chart watchers now see crude sliding below $30/bbl; unless Brent rebounds quickly above $38.99 and WTI tops $38.40, their intraday highs from the first day of trading this year, it has much further to fall, Kase & Co. analyst Dean Rogers predicts.
    • Goldman Sachs maintains that more losses are needed to force producers to cut supplies enough to balance the glut and weak demand outlook in the market; the firm, which has said oil could hit $20, said in a note today the market needs to see sustained low prices through Q1 "so producers will move budgets down to reflect $40/bbl oil for 2016."
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Jan. 8, 5:35 PM | 86 Comments
  • Fri, Jan. 8, 1:28 PM
    • U.S. oil rig count fell by 20 to 516 following last week's decline of just two, in the seventh decline in eight weeks in the Baker Hughes weekly survey.
    • The total active U.S. rig count, which includes natural gas rigs, fell 34 to 664; since last year, the total rig count has fallen by 1,086 while the oil rig count is down 905.
    • In the past year, the oil rig count fell 64% from 1,421, while the total rig count dropped 62% from 1,750.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Jan. 8, 1:28 PM | 57 Comments
  • Thu, Jan. 7, 5:12 AM
    • Crude prices tumbled as much as 5% overnight to levels not seen since the early 2000s as China's stock plunge left markets in turmoil, while a huge supply overhang and near-record output levels continued to drag on prices.
    • "With oil markets producing 1M barrels a day in excess (of demand) and very little sign of any rational response from the supply side, it's little wonder we're seeing pressure again," said Michael McCarthy, chief market strategist at CMC Markets.
    • Brent and WTI plunged as low as $32.16/bbl and $32.10/bbl, respectively.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Thu, Jan. 7, 5:12 AM | 82 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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