DB Crude Oil Long ETN (OLO) - NYSEARCA
  • Wed, May 4, 11:00 AM
    • The lows are in for oil, says CMDTY Capital Management's David D'Alessandro, presenting at the Ira Sohn Conference.
    • Demand is rising, the U.S. driver is back, China isn't collapsing, and India is the new China - with demand growing at 600K barrels per day and the government intent on growing driving infrastructure (i.e. roads).
    • As for supply, if one factors in "usable" inventories, surpluses are less than what the headlines make them out to be.
    • Meanwhile, the EIA today reported crude inventories rose by a higher-than-expected 2.784M barrels in the last week. USO +1% today.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM
    | Wed, May 4, 11:00 AM | 12 Comments
  • Tue, May 3, 3:54 AM
    • While some insist that the correlation between oil prices and stocks are starting to decouple, Tom Pearce and his team at Deutsche Bank say it's not so:
    • "Clients have suggested to us that the reduced stress in the oil market means that the relevance of oil as a driver of the European equity market is diminishing.
    • "We see little sign of this: the 3-month and 6-month correlation between the oil price and European equities are still at a four-year high.
    • "Furthermore, the most important macro driver for the European market remains U.S. high-yield spreads, which continue to move in line with oil prices.
    • "The historical price pattern suggests that the credit market’s sensitivity to oil only diminishes once the oil price rises above $55/bbl – and that the equity market’s strong positive correlation with the oil price only disappears when oil rises above $70/bbl.
    • "We are still concerned about the outlook for oil, given that the rebound in global growth momentum appears to be fading, dollar strength remains a risk and oil net speculative positions are already elevated."
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, DBE, OLO, SZO, RJN, OLEM, ONG, JJE, UBN
    • Now read On The Impossibility Of A Soft Landing
    | Tue, May 3, 3:54 AM | 8 Comments
  • Mon, May 2, 6:53 AM
    • Oil prices are retreating from 2016 highs as rising production in the Middle East outweighed a decline in U.S. output and a slide in the dollar.
    • OPEC crude production rose in April to 32.64M barrels per day, close to the highest level in recent history.
    • Meanwhile, International Energy Agency chief Fatih Birol said on Sunday that oil prices may have bottomed out, providing that the health of the global economy does not pose a concern.
    • Crude futures -0.7% to $45.58/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Mon, May 2, 6:53 AM | 61 Comments
  • Fri, Apr. 29, 2:23 PM
    • Eleven less oil rigs were in service this week vs. last, according to Baker Hughes, which places the count at 332.
    • Oil's had a volatile session - it was nearing $47 per barrel earlier this morning, before dropping to at low as $45.25 prior to the rig count news. It's now at $45.62, lower by 0.9% for the day.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM
    | Fri, Apr. 29, 2:23 PM | 85 Comments
  • Fri, Apr. 29, 5:29 AM
    • Oil prices are higher in early trading to follow on yesterday's report by the U.S. Department of Energy showing a decrease in domestic crude production. WTI crude trades at $46.36 per barrel.
    • "The market is coming into better balance and we maintain the view that the current oversupply will flip into undersupply in 2H," reads a fresh note from Jefferies.
    • Some analysts think the recent gains in oil will be capped soon with a sustainable rise in OPEC production around the corner.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Apr. 29, 5:29 AM | 48 Comments
  • Wed, Apr. 27, 10:34 AM
    | Wed, Apr. 27, 10:34 AM | 110 Comments
  • Fri, Apr. 22, 1:58 PM
    • The number of active U.S. oil rigs fell by 8 to 343 for a fifth consecutive week of declines, according to Baker Hughes' latest weekly survey.
    • The total U.S. rig count, which includes a decline of one gas rig to 88, drops by 9 to 431, 73% fewer than the peak of 1,609 in October 2014.
    • In the past year, the total rig count is down 54% from 932, and oil rigs are 51% lower from 360.
    • ETFs: USO, UNG, OIL, UWTI, UGAZ, UCO, DGAZ, DWTI, SCO, BNO, BOIL, DBO, GAZ, DTO, USL, KOLD, UNL, DNO, OLO, SZO, DCNG, OLEM
    | Fri, Apr. 22, 1:58 PM | 125 Comments
  • Thu, Apr. 21, 6:55 PM
    • Global refining margins have improved significantly in recent weeks, which should support strong demand for crude and lend some strength to both spot prices and spreads in the short term, according to Reuters' John Kemp.
    • While diesel markets remain oversupplied and margins poor, gasoline consumption is booming and margins have improved sharply, improving economics for many refineries, Kemp writes.
    • No. 1 U.S. independent refiner Valero (NYSE:VLO) reports strong improvements in indicative margins for its refineries across North America, which could serve as a proxy for the health of the U.S. and Canadian refining sector.
    • BP’s Global Refining Marker Margin - an aggregate indicator for the refineries in its global portfolio across North America, Europe and Asia - has improved from a recent low of $10.50 in Q1 to $12.80 so far in Q2.
    • "Some commentators have suggested the rally in oil prices since early February is entirely due to the activity of hedge funds, but the simultaneous rise in global refining margins suggests it has a fundamental component too," Kemp writes.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Thu, Apr. 21, 6:55 PM | 57 Comments
  • Thu, Apr. 21, 5:08 AM
    • Crude prices are steadying following a major jump on Wednesday as government data showed that U.S. crude stocks rose slightly less than expected last week, while the U.S. dollar advanced against the euro ahead of today's ECB meeting.
    • The lack of movement comes despite the IEA predicting 2016 would see the biggest fall in non-OPEC production in the last 25 years (almost 700K bpd), helping rebalance a market that has been dogged by oversupply.
    • "At the same time, global demand growth is in a hectic pace, led by India, China and other emerging countries," IEA chief Fatih Birol told reporters in Tokyo.
    • Crude futures flat at $44.18/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Thu, Apr. 21, 5:08 AM | 100 Comments
  • Wed, Apr. 20, 1:03 PM
    | Wed, Apr. 20, 1:03 PM | 87 Comments
  • Wed, Apr. 20, 10:31 AM
    | Wed, Apr. 20, 10:31 AM | 93 Comments
  • Wed, Apr. 20, 3:05 AM
    • Crude prices have fallen below $40 a barrel after Kuwaiti oil workers ended a three-day strike that had cut the OPEC member's production by nearly half.
    • Concerns about oversupply were further reinforced by API industry data that showed a 3.1M barrel U.S. inventory build last week, about double that expected by analysts.
    • Bearish sentiment is also taking hold as traders continue to assess the impacts from the output freeze deal failure between major producers on Sunday.
    • Oil futures -2.8% to $39.94/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Apr. 20, 3:05 AM | 53 Comments
  • Tue, Apr. 19, 4:48 PM
    | Tue, Apr. 19, 4:48 PM | 92 Comments
  • Tue, Apr. 19, 5:10 AM
    • Oil prices have regained some ground as a result of an oil worker strike in Kuwait that has reduced output to 1.1M barrels per day from 2.8M.
    • The gains may be short-lived. Russia's Deputy Energy Minister Kirill Molodtsov has told reporters the country is considering raising its production this year, and a level of 540M tonnes of crude is "quite realistic," following the collapse of the Doha deal.
    • Brent +1.4% to $43.49/bbl; WTI +1.1% to $40.21/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Apr. 19, 5:10 AM | 52 Comments
  • Mon, Apr. 18, 5:25 PM
    • Why has consumption not responded to the crash in the oil price, ponder researchers at the San Francisco Fed? The stronger dollar could be at work, and then there's the fact that product prices haven't fallen at the same pace as oil.
    • Another possible reason, though, is the impact of a change in the oil price depends not only on its magnitude, but its perceived persistence. Consumer spending is more likely to rise if people believe the decline in prices will last for awhile. Conversely, if the drop is seen as a blip, consumers are more likely to save what they're not spending at the pump.
    • A lesson from the big move higher in oil earlier this century. Consumers didn't begin to perceive it as "permanent," until early 2008 - right about the time the price of Texas Tea peaked.
    • For those looking for a quick rebound in the oil price, consider that consumers of today still consider the move of the last year to be largely temporary.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM
    | Mon, Apr. 18, 5:25 PM | 29 Comments
  • Mon, Apr. 18, 3:56 PM
    | Mon, Apr. 18, 3:56 PM | 62 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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