ProShares Ultra Bloomberg Crude Oil ETF (UCO) - NYSEARCA
  • 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
  • Wed, Jan. 6, 7:21 PM
    • U.S. gasoline inventories surged by 10.6M barrels last week, the most since 1993 and far more than expected, which analysts say could send retail prices tumbling another $0.10/gallon or more next week.
    • Prices at the pump have fallen less quickly than oil prices in the past 18 months because of strong consumption; AAA says U.S. drivers are paying an average of $1.999/gal. for retail gasoline, down 8.9% Y/Y, while benchmark U.S. crude oil has plunged 30% in the past year.
    • Strong U.S. demand for gasoline has been one of the few bright spots for oil investors, but consumption fell 13% last week, and the four-week average for gasoline demand dropped below 9M bbl/day for the first time since May.
    • But Marathon Petroleum (NYSE:MPC) CEO Gary Heminger thinks the market is tighter than the numbers suggest because the refining side is running at a high-capacity utilization rate, saying "We have very good optics of actual demands... in our retail stores, and I am not seeing anywhere near a drop-off in gasoline demand or diesel demand versus the inventory build."
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Jan. 6, 7:21 PM | 11 Comments
  • Wed, Jan. 6, 2:19 PM
    • WTI crude oil is trading with a $33 handle after today's 6% decline - this despite somewhat bullish oil inventory data (though product inventories declined).
    • Unsurprisingly, the energy sector (XLE -3.6%) has more than tripled the S&P 500's 1.1% slide.
    • Past declines in energy have hit the high yield sector, but HYG and JNK are about flat for the session. Still, spreads are widening as the 10-year Treasury yield falls six basis points to 2.18%.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Wed, Jan. 6, 2:19 PM | 79 Comments
  • Wed, Jan. 6, 10:46 AM
    | Wed, Jan. 6, 10:46 AM | 58 Comments
  • Wed, Jan. 6, 10:15 AM
    • Seven oil tanks reportedly are on fire in eastern Libya after a series of attacks by Islamic State, following assaults earlier in the week and raising concerns about longer-term damage to the country's oil industry.
    • Five of the seven oil tanks set ablaze were at the Es Sider terminal, and two other tanks at the neighboring port of Ras Lanuf caught fire earlier after attacks.
    • The attacks seem designed to undermine the viability of a peace agreement between two rival militia groups vying for control of Libya by destroying the country’s main source of revenue.
    • Libya has Africa’s largest crude oil reserves and the potential to produce as much as 1.5M bbl/day, but its output had fallen by nearly two-thirds even before the latest attacks.
    • Earlier: Brent crude skids to 11-year low
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Jan. 6, 10:15 AM | 18 Comments
  • Wed, Jan. 6, 4:52 AM
    • Brent crude slipped to a fresh 11-year low overnight, while WTI crashed below $35/bbl, as ballooning global oversupply outweighed tensions between Middle East producers Saudi Arabia and Iran.
    • The strength of the dollar is also agitating prices, as the U.S. currency continues to rally ahead of further Federal Reserve rate hikes anticipated later this year.
    • Brent -3.7% to $35.09/bbl; WTI -2.7% to $34.99/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. 6, 4:52 AM | 23 Comments
  • Tue, Jan. 5, 4:57 PM
    • The 5.6M barrel decline in the week ended Jan. 1 stands against trade expectations for a fall of 2.75M barrels.
    • The EIA estimate is due to be released tomorrow.
    • Oil has climbed a few cents in evening action, now trading at $36.16 per barrel. USO +0.8% after hours
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Tue, Jan. 5, 4:57 PM | 33 Comments
  • Tue, Jan. 5, 3:38 PM
    • "Shocking" data from Oklahoma may be moving the oil market this week as much as the shouting between Saudi Arabia and Iran, WSJ's Nicole Friedman reports.
    • First, data released Thursday showed that while U.S. oil production is falling, overall output is higher than previously reported; new reporting methodology prompted the EIA to revise its production data higher for each of the first nine months of 2015, largely due to much higher output than previously reported in Oklahoma.
    • In addition, data provider Genscape said yesterday that oil stockpiles at the Cushing, Okla., storage hub hit a record high in the week ended Jan. 1, causing oil prices to fall.
    • Earlier: Rough start to year for crude oil
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Jan. 5, 3:38 PM | 22 Comments
  • Tue, Jan. 5, 3:01 PM
    • "It seems impossible that we can get a sustained rally in the price of oil," Jeff Gundlach tells Barron's. "Inventories are enormous. Demand is way below production.”
    • An OPEC report today says Saudi Arabia and other major producers are still pumping crude at near record rates.
    • An EIA report this week shows onshore U.S. oil production growing again after six months of declines.
    • And Ed Yardeni notes oil failed to respond positively to heightened tension between Saudi Arabia and Iran. When asset prices don't rally in response to bullish news, it's augers for a continued bear market.
    • WTI crude is currently at its low for the new year, off 2.4% on today's session at $35.88 per barrel.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Tue, Jan. 5, 3:01 PM | 25 Comments
  • Mon, Jan. 4, 11:33 AM
    • Hedge fund manager Kyle Bass sees a “massive opportunity in energy," with the margin of safety in the sector as the smallest ever: "Global demand is 96M bbl/day, the highest it’s ever been, [and] swing capacity is at the lowest point as a percentage of that, about 1.5M bbl/day.”
    • "My views are dogmatic about the supply and demand in energy and that’s cost me," Bass said in a weekend interview, but he is sticking with his bet on the energy sector because he foresees new demand for crude every year and that global GDP “will still be positive" even if the economy slows a bit.
    • "You have to realize that the U.S. added 1M bbl/day five years in a row, but it took $100 crude for us to do that," Bass explained. "We were the marginal swing producer for the world. And now we're going to go down 1M bbl/day, I think, in the next 12 months. So, we're going to go from a glut to all of a sudden a deficit. And the world's not ready for a deficit.”
    • ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, SCO, BNO, BOIL, GAZ, DBO, DWTI, DTO, KOLD, USL, UNL, DNO, OLO, SZO, DCNG, OLEM
    | Mon, Jan. 4, 11:33 AM | 62 Comments
  • Sun, Jan. 3, 8:55 PM
    • Iranian diplomats have 48 hours to exit Saudi Arabia after the kingdom severed diplomatic relations with Iran for the first time since 1988 (ties had been restored in 1991).
    • The move comes following Saudi Arabia's execution of 47 prisoners on Saturday, including prominent Shiite cleric Nemer al-Nemer, and the subsequent harsh rhetoric by Iranian leaders, along with the torching by protesters of Saudi Arabia's embassy in Tehran.
    • Previously: Iranian protesters ransack Saudi embassy (Jan. 3)
    • Oil is up by 1.85% to $37.73 per barrel in Sunday evening action.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Sun, Jan. 3, 8:55 PM | 66 Comments
  • Sun, Jan. 3, 8:07 AM
    • Iranian protesters stormed and torched the Saudi Arabian Embassy in Tehran on Saturday after Saudi Arabia executed a prominent Shiite cleric and 46 other men on terrorism-related charges.
    • "Divine vengeance will befall Saudi politicians," Supreme Leader Ayatollah Ali Khamenei declared in response to the killing of Sheikh Nimr Baqr al-Nimr, while Iran's Revolutionary Guards promised "harsh revenge."
    • The latest news is not the only tension facing the two feuding powers. Economic rivalry has also come to the fore since Iran signed a nuclear deal with world powers that will open its oil export taps as fellow OPEC members struggle with a plunge in crude prices.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Sun, Jan. 3, 8:07 AM | 143 Comments
  • Fri, Jan. 1, 2:31 AM
    • The first oil tanker of freely traded U.S. crude oil launched Thursday afternoon from the Port of Corpus Christi, marking the end of a long-standing ban put in place in the 1970s.
    • ConocoPhillips (NYSE:COP) and NuStar Energy (NYSE:NS) loaded the tanker with crude pumped from Eagle Ford, skipping ahead of Enterprise Products Partners (NYSE:EPD), which said it would be the first to export oil in January.
    • Who's buying the cargo? Dutch oil-trading powerhouse Vitol Group. The company has a subsidiary that owns a refinery in Switzerland.
    • Previously: Bye-bye crude export ban (Dec. 16 2015)
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Jan. 1, 2:31 AM | 101 Comments
  • Dec. 31, 2015, 1:15 PM
    • U.S. oil rigs dipped again, down 2 to 536, the sixth decline in seven weeks in Baker Hughes' weekly survey.
    • Total overall U.S. rig count slipped by 2, to 698, as gas rigs held steady at 162. On a Y/Y basis, overall rigs are down 1113 from last year's 1,811 (Oil down 946 Y/Y; gas down 166).
    • Canadian rigs fell by a larger amount -- down 43 from last week, to 83 total. That made up most of a North American decline (down 45 rigs to 781).
    • In the wake of today's North Sea storm, Brent crude is up 3.9% to $37.87/barrel; West Texas Intermediate is up $1.08 to $37.68/barrel. Oil futures are on track to finish 2015 down more than 30%.
    • ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, SCO, BNO, BOIL, GAZ, DBO, DWTI, DTO, KOLD, USL, UNL, DNO, OLO, SZO, DCNG, OLEM
    • Previously: Crude heads for second annual decline (Dec. 31 2015)
    | Dec. 31, 2015, 1:15 PM | 53 Comments
  • Dec. 31, 2015, 4:20 AM
    • Oil is set for its first back-to-back annual loss since 1998 after record U.S. inventories data on Wednesday reinforced worries about a global supply glut.
    • Crude stocks rose by 2.6M barrels last week, the U.S. Energy Information Administration said, raising additional concerns after OPEC effectively abandoned output limits at a meeting earlier this month.
    • While WTI has tumbled over 30% this year to under $37/bbl, are headwinds or tailwinds growing for 2016?
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Dec. 31, 2015, 4:20 AM | 20 Comments
  • Dec. 30, 2015, 10:39 AM
    | Dec. 30, 2015, 10:39 AM | 54 Comments
UCO Description
ProShares Ultra Bloomberg Crude Oil seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg WTI Crude Oil SubindexSM.
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