DB Crude Oil Long ETN (OLO) - NYSEARCA
  • Fri, Mar. 11, 2:03 PM
    • The number of active U.S. rigs drilling for oil and natural gas fell by 9 to a record-low 480 in the latest week, according to Baker Hughes' latest totals.
    • The count for oil drilling rigs fell by 6 to 386 for a 12th consecutive weekly decline and the lowest level since 2009, while gas rigs fell by 3 to 94.
    • The previous lowest combined rig count was 488 in April 1999; the oil rig count is now down 76% from its October 2014 peak of 1,609.
    • ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, SCO, BNO, BOIL, DWTI, GAZ, DBO, DTO, KOLD, USL, UNL, DNO, OLO, SZO, DCNG, OLEM
    | Fri, Mar. 11, 2:03 PM | 70 Comments
  • Fri, Mar. 11, 7:11 AM
    • “Storage constraints and a still large oversupply in coming months will continue to keep prices in a trendless and volatile range,” Goldman says in a note this morning.
    • "While supply responses and U.S. stock draws on the horizon suggest price lows may have been set, the risk that U.S. storage saturation pushes prices sharply lower in coming weeks remains high in our view.
    • "Current U.S. inventory builds are setting new record highs for storage utilization and we expect these builds to continue through April.
    • However, “As we do not expect growth from OPEC and Russia after 2Q and given our expectation for resilient demand growth, our confidence that stocks will draw in 2016 if prices remain low is rising.”
    • Goldman reduced its 2017 oil forecast to $57/barrel from $60 to reflect the smaller required U.S. production growth this year.
    • March 7: Oil's 2016 roundtrip nearly complete
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Mar. 11, 7:11 AM | 90 Comments
  • Fri, Mar. 11, 4:41 AM
    • While oil prices have "recovered remarkably" in recent weeks, this should not "be taken as a definitive sign that the worst is necessarily over," the International Energy Agency warned in its latest monthly report.
    • It will likely be well in to 2017 when the market achieves balance, but the organization said there were signs that crude prices have bottomed out.
    • These include: "Possible action by oil producers to control output; supply outages in Iraq, Nigeria and the UAE; signs that non-OPEC supply is falling; no reduction in our forecast of oil demand growth; and recent weakness of the U.S. dollar."
    • Crude futures +2% to $38.60/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Mar. 11, 4:41 AM | 37 Comments
  • Wed, Mar. 9, 10:30 AM
    | Wed, Mar. 9, 10:30 AM | 95 Comments
  • Wed, Mar. 9, 4:37 AM
    • The world's biggest oil exporters both in and outside of OPEC plan to meet in Moscow on March 20 to discuss an output freeze, Iraqi Deputy Oil Minister Fayadh al-Nema told state newspaper Al-Sabah.
    • That's in line with the date set out by Russian energy minister Alexander Novak last Friday, according to Russian agency Interfax. He said in that report that producers would also meet on April 1.
    • Crude futures +1.1% to $36.90/bbl
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Mar. 9, 4:37 AM | 45 Comments
  • Tue, Mar. 8, 6:59 AM
    • "I'll go full power if there's no agreement. Every barrel I produce I'll sell," says Kuwait's oil minister, letting it be known his country has no intention of cutting output unless all major oil producers, including Iran, are on board with a deal.
    • Sell the rip, says the team at Goldman. The current rally is "simply not sustainable in the current environment ... Energy needs lower prices to maintain financial stress to finish the rebalancing process; otherwise, an oil price rally will prove self-defeating, as it did last spring."
    • Oil, meanwhile, is holding its own despite these bearish comments and poor trade data out of China. It's lower by just 0.45% to $37.74 per barrel.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Tue, Mar. 8, 6:59 AM | 42 Comments
  • Mon, Mar. 7, 1:03 PM
    • WTI crude oil began the year at about $40 per barrel, and bottomed well below $30 in mid-February. With another 5.5% gain today, the price has returned to just a few pennies shy of $38.
    • Brent crude, in the meantime, today touched $40 per barrel for the first time in 2016.
    • In one of those "why didn't they tell me sooner," reports, Bernstein's Neil Beveridge says traders are underestimating China's production cuts and thus the market could re-balance sooner than expected. He sees China cutting production by 3% this year, or 150M barrels per day. The consensus is anticipating just a 0.7% production decline.
    • USO +4.7%
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Mon, Mar. 7, 1:03 PM | 37 Comments
  • Fri, Mar. 4, 1:44 PM
    • The count of U.S. active oil rigs fell by 8 in the past week to 392, Baker Hughes reports, in the 11th straight week of declines.
    • The total U.S. rig count, which includes a drop of 5 natural gas rigs to 97, fell by 13 to 489, just one away of the lowest count for total rigs since April 23, 1999.
    • The total rig count is down 703 rigs (59%) from last year's 1,192, with oil rigs down by 530 (57%), gas rigs down by 171 (64%).
    • ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, SCO, BNO, BOIL, DWTI, GAZ, DBO, DTO, KOLD, USL, UNL, DNO, OLO, SZO, DCNG, OLEM
    | Fri, Mar. 4, 1:44 PM | 61 Comments
  • Wed, Mar. 2, 10:31 AM
    | Wed, Mar. 2, 10:31 AM | 73 Comments
  • Tue, Mar. 1, 4:48 PM
    • Crude inventories rose 9.9M barrels last week, according to the API, easily topping estimates for just 3.3M. Cushing stocks rose 1.8M barrels vs. expectations for 700K.
    • Gasoline stocks fell 2.2M barrels vs. an expected decline of 1.1M.
    • WTI crude has dipped about about $0.50 since the news hit a couple of minutes ago. USO -1.4% after hours
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Tue, Mar. 1, 4:48 PM | 78 Comments
  • Tue, Mar. 1, 3:57 PM
    • WTI crude oil settled at its highest level in eight weeks, gaining 1.9% at $34.40/bbl, on the possibility of a production agreement among major oil producers.
    • Russia’s energy minister reportedly said that a "critical mass” of oil-producing countries had agreed to freeze production, and that a decision would be effective even without Iran.
    • Additionally, the UAE energy minister said “everyone should move toward freezing production whether they like it or not,” due to current low oil prices.
    • Oil prices had been lower in earlier trading after the EIA said late Monday that U.S. production fell by 43K bbl/day to 9.3M bbl/day in December, a smaller decline than in the previous two months, when production fell by more than 70K bbl/day.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Mar. 1, 3:57 PM | 28 Comments
  • Fri, Feb. 26, 1:55 PM
    • The U.S. oil rig count fell for the tenth consecutive week, down another 13 to 400 following last week's decline of 26, according to Baker Hughes' latest weekly survey.
    • The total rig count, including natural gas rigs, fell by 12 to 502, ~68% below a peak of 1,609 in October 2014.
    • The oil rig count is 59% lower than a year ago when the count stood at 986, and the total rig count is down 60% Y/Y from 1,267.
    • ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, SCO, BNO, BOIL, DWTI, GAZ, DBO, DTO, KOLD, USL, UNL, DNO, OLO, SZO, DCNG, OLEM
    | Fri, Feb. 26, 1:55 PM | 73 Comments
  • Fri, Feb. 26, 4:48 AM
    • Crude prices are shaking off some losses after top global producers agreed to discuss fresh efforts to stabilize the market.
    • At a televised interview with broadcaster Telesur, Venezuelan Oil Minister Eulogio Del Pino reaffirmed a mid-March meeting that would include Saudi Arabia, Russia and Qatar, to steady prices that have slumped 70% over a 20-month rout.
    • Aside from the upcoming gathering, traders said sentiment in oil was helped by project deferments in the U.S. shale industry and job cuts that will slow production.
    • Crude futures +1.7% to $33.64/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Feb. 26, 4:48 AM | 49 Comments
  • Wed, Feb. 24, 12:28 PM
    • Down more than 3% at $30.50 per barrel moments ago, WTI crude oil has spiked up to $32.05, now ahead 0.6% on the session.
    • Reason? If you're looking for one you lose, but there's probably been some utterance from somewhere on the planet from some OPEC pezzonovante. USO +0.8%
    • The move in crude has carried stocks well off of their session lows. S&P 500 (SPY -0.7%).
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Wed, Feb. 24, 12:28 PM | 73 Comments
  • Wed, Feb. 24, 10:31 AM
    | Wed, Feb. 24, 10:31 AM | 61 Comments
  • Wed, Feb. 24, 5:27 AM
    • World shares are dipping into the red again, as investors continue to use oil prices as a health gauge of the global economy.
    • At an event in Houston on Tuesday, Saudi oil minister Ali al-Naimi ruled out production cuts anytime soon, sending crude sharply lower despite talk of a mid-March oil producer meeting.
    • "His comments are hardly a surprise. Yet, the latest development seems to suggest that for oil producers to get more united they will have to feel more pain," said Ayako Sera, senior market economist at Sumitomo Mitsui.
    • New API figures showing a further build in U.S. stockpiles are also weighing on the commodity. Crude futures -3.2% to $30.86/bbl.
    • Asia: Japan -0.9%. Hong Kong -1.2%. China +0.9%. India -1.3%.
    • Europe: London -1.2%. Paris -1.3%. Frankfurt -1.7%.
    • U.S. futures: Dow -0.4%. S&P -0.4%. Nasdaq -0.6%.
    | Wed, Feb. 24, 5:27 AM | 48 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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