The United States Gasoline ETF, LP
 (UGA)

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  • Aug. 18, 2015, 11:17 AM
    • AAA reports the average U.S. gas price rose $0.085 last week to $2.664 per gallon as a BP outage in Indiana played into supply factors in Midwestern states.
    • Casey's General Stores (NASDAQ:CASY) is the gas seller that might feel the biggest impact due to its high concentration in the Midwest.
    • The national gas average is still 23% below where it stood a year ago.
    • Related ETF: UGA
    | Aug. 18, 2015, 11:17 AM | 1 Comment
  • Aug. 17, 2015, 2:59 PM
    | Aug. 17, 2015, 2:59 PM | 66 Comments
  • Aug. 13, 2015, 10:27 AM
    • In the green earlier as global markets took a breather from a deflationary scare, crude oil has turned sharply lower, now down 2.2% to $42.33 per barrel.
    • USO -2.5%
    • Black gold had bottomed in mid-March at about $43, but bounced and held back above $60 from May through the end of June, from where the bear market restarted.
    • Unsurprisingly, the energy sector is leading stocks lower today, the XLE off 1% versus the S&P 500 down 0.3%.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Aug. 13, 2015, 10:27 AM | 54 Comments
  • Aug. 11, 2015, 4:45 PM
    • Midwest gasoline prices are soaring and heavy Canadian crude oil trades at its lowest level in a year, after unplanned maintenance forced BP to shut the largest crude unit at its refinery near Chicago over the weekend.
    • The shutdown of the most important unit in the biggest plant in the Midwest has disrupted markets throughout the region, adding more oil onto the already oversupplied market and cutting the supply of gasoline to the Midwest in the middle of peak summer demand.
    • The refinery at Whiting, Ind., can process as much as 270K bbl/day of heavy crude sent by pipeline from Alberta, with additional supply shipped up from the U.S. storage hub at Cushing, Okla.
    • Wholesale gasoline in Chicago jumped by $0.825/gal in the past two days to an $0.80 premium to futures, and prices at the pump likely will rise $0.15-$0.30 during the next week, says GasBuddy analyst Patrick DeHaan.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, OLO, SZO, OLEM
    | Aug. 11, 2015, 4:45 PM | 11 Comments
  • Aug. 10, 2015, 3:26 PM
    • Crude oil prices snapped a three-session losing streak today after a rally in U.S. gasoline and diesel due to an unplanned outage at BP's 240K bbl/day crude distillation unit at its Whiting, Ind., refinery, which reportedly was shut by a malfunction over the weekend.
    • Also, the dollar lost ground vs. major rivals, aiding oil and other commodities; a weaker dollar makes dollar-denominated commodities cheaper to users of other currencies.
    • September West Texas crude crude oil futures rose $1.08 (+2.5%) to $44.96/bbl, natural gas closed $0.04 higher (+1.4%) at $2.84/MMBtu, RBOB Gasoline rose $0.07 (+4.3%) to $1.69/gallon, and heating oil futures added $0.05 (+3.2%) at $1.59/gallon.
    • Traders increased their bullish bets on oil last week for the first time in seven weeks, according to CFTC data.
    • ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, SCO, BNO, BOIL, GAZ, DBO, DWTI, DTO, UGA, KOLD, USL, UNL, DNO, UHN, OLO, SZO, DCNG, OLEM
    | Aug. 10, 2015, 3:26 PM | 29 Comments
  • Jul. 31, 2015, 7:52 AM
    • According to Reuters, the value of merger and acquisition deals through July 30 was $436.4B, including 14 deals worth over $5B apiece. Although down from June's torrid pace of $546.8B, it still ranks as the seventh busiest month on record. Leading the pack was Teva's $40.5B purchase of Allergan's generic drugs business.
    • The top investment bank in terms of the total value of transactions was Goldman Sachs (NYSE:GS), involved in 35 deals worth $148.8B, including half of the top ten. JP Morgan (NYSE:JPM) was second with 30 deals worth $116.1B while Morgan Stanley (NYSE:MS) was third with 33 deals valued at $95.9B.
    • Global M&A so far this year is $2.64T, up 41% from last year. The action in the U.S. is up 66%.
    • Energy and healthcare are the leading sectors. There have been 1,557 deals in energy worth $407B. Healthcare is close behind with 1,577 deals worth $395B.
    • ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, BIB, SCO, BNO, BOIL, GAZ, DBO, DWTI, DTO, UGA, KOLD, USL, GRX, UNL, IRY, BIS, IXJ, DNO, BME, UHN, DBE, OLO, SZO, DCNG, GRN, RJN, FUE, OLEM, JJE, ONG, UBN
    | Jul. 31, 2015, 7:52 AM | 1 Comment
  • Jul. 14, 2015, 3:10 PM
    • The conventional wisdom says the votes in Congress aren't there to block the administration's nuclear deal with Iran, but one could read the price action in oil as saying "not so fast." A vote on the deal likely won't happen until September, giving lawmakers the August recess to read the tea leaves back in their states and districts.
    • After initially tumbling on the deal's announcement WTI crude is now ahead by 1.4% to $52.91 per barrel - its highest price in a week - suggesting a gusher of backed up crude from Iran isn't about to hit the market.
    • Meanwhile, the Windward Iranian Floating Storage Indicator figures Iran has 50M barrels of black gold stored on ships in the Persian Gulf. That's up from 35M at the start of the year and about 20M one year ago.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Jul. 14, 2015, 3:10 PM | 23 Comments
  • Jul. 7, 2015, 10:29 AM
    | Jul. 7, 2015, 10:29 AM | 25 Comments
  • Jun. 29, 2015, 2:47 PM
    • WTI crude oil is lower by 2.25% to $58.30 per barrel, roughly matching its lowest price since May.
    • The move comes amid the panicky action in Europe, where the Stoxx 50 shed 4.25% after Greece closed its banks and stock market, and imposed capital controls. The U.S. averages are currently at session lows, all off in the area of 2%. USO -2.25%
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM
    | Jun. 29, 2015, 2:47 PM | 14 Comments
  • Jun. 9, 2015, 2:28 PM
    • So much for the decline in the rig count. According to the EIA, U.S. crude oil production hit about 9.6M barrels per day in May, its highest monthly level in 43 years. In May 2014, production was 8.4M barrels per day - at the time a 26-year high.
    • The all-time high of about 10M barrels per day was in the early 1970s.
    • As for the full year, the EIA boosts its estimate of average monthly production to 9.43M barrels per day from 9.19M. In 2016, the EIA sees production of 9.27M bpd vs. a previous estimate of 9.21M.
    • Oil is sharply lower on the news ... strike that ... black gold continues to move higher on the session, now up 3.6% to $60.26 per barrel.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM
    | Jun. 9, 2015, 2:28 PM | 29 Comments
  • Jun. 5, 2015, 7:59 AM
    • As (apparently) expected, OPEC says it's leaving production unchanged at 30M barrels per day - deciding to take no action despite a glut of crude and weak prices.
    • While the decision to leave production unchanged is generally considered a green light for members to keep pumping as much oil as they'd like, crude is taking off to the upside amid the post-meeting press conference. WTI is higher by about $1 per barrel since the decision, now selling for $58.50.
    • Live blog at the WSJ
    • USO +0.15% premarket
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM
    | Jun. 5, 2015, 7:59 AM | 18 Comments
  • Jun. 2, 2015, 8:08 AM
    • Virtually no one expects OPEC to make any adjustments to its 30M barrel per day production quota when it meets later this week, but there's some chatter the group might "double-down" on recent strategy and agree to boost output.
    • Even should OPEC make the move, it would be mostly symbolic as the cartel is already producing about 1M barrels more than the quota.
    • Crude today is up 1.3% to $60.98 per barrel.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM
    | Jun. 2, 2015, 8:08 AM | 20 Comments
  • May 31, 2015, 10:14 PM
    • The economics textbooks say crashing prices are self-correcting, i.e. prices fall, leading crimped suppliers to cut production, leading to stabilized and eventually rebounding prices. Economics textbooks, however, never had to deal with ZIRP.
    • Near-invisible interest rates means there remains a wall of cash out there in search of some sort of yield, and plenty of that money continues to flow into the oil drillers despite prices for black gold nearly $50 per barrel lower than one year ago.
    • “Essentially, everyone that we talked to except for one small firm, wanted to do a deal with us,” says the CEO of a recently-formed oil and gas producer. “There is a lot of money out there.”
    • “A lot of the industry seems to function that if you give them a dollar, they will spend it," says Michael Levi from the Council on Foreign Relations. "That leaves capital markets as the only source of discipline. If there is more capital than is warranted, you are going to see companies pick up drilling in the second half of the year and that will put pressure on prices.”
    • Indeed. In mid-May, nearly 9.6M barrels of oil per day were produced in the U.S. - the highest level since 1970.
    • Source: WSJ
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, OLO, SZO, OLEM
    | May 31, 2015, 10:14 PM | 19 Comments
  • May 29, 2015, 2:48 PM
    • WTI crude oil more than erases a week's worth of losses in the space of a few hours, closing the session up $2.61 per barrel, or 4.5% to $60.29.
    • As recently as yesterday afternoon, black gold was as low as $56.50 per barrel, and earlier today was still under $58.
    • Earlier this week, Ned Davis Research urged caution on oil itself and energy stocks, noting the exit of nearly $500M from the U.S. Oil Fund (USO +3.7%) this month, and $300M from the Energy Select SPDR (XLE -0.1%). At the same time, money has been flowing into bullish dollar ETFs.
    • "Investor flows are no longer supportive for energy ETFs. Valuations are not as compelling at this point either. … Seasonality is about to turn ugly for the energy sector. June is historically the worst month for XLE. And finally, while longer-term, the sector remains oversold, shorter-term trend evidence suggests caution for now," says NDR's Tony Welch.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, BNO, DBO, DWTI, ERY, DIG, DTO, UGA, DUG, BGR, USL, IYE, DNO, FENY, PXJ, FIF, UHN, OLO, SZO, RYE, FXN, TWTI, OLEM, DDG
    | May 29, 2015, 2:48 PM | 27 Comments
  • May 19, 2015, 3:07 PM
    • "We have Russia sitting at an all-time high [production], Iraq at an all-time high, Saudi at an all-time high. And you put that together and it’s not a very positive picture,” says Goldman commodity analyst Jeff Currie, speaking at a conference.
    • Currie and team earlier this week cut their medium and long-term price forecasts for crude, seeing $60 per barrel in 2017-18 (vs. $65 previously) and then just $50 by 2020.
    • WTI crude is lower by 3.6% today to $58 per barrel, its lowest price of the month.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM
    | May 19, 2015, 3:07 PM | 48 Comments
  • May 18, 2015, 8:07 AM
    • Citing improved U.S. shale efficiency meeting global demand along with unimpeded OPEC productivity, Goldman Sachs slashes it view of the price of oil from 2016-2020. However, bowing to the reality of this year's bounce, the bank lifts its estimate of the average 2015 price for Brent to $58 per barrel from $52. WTI is raised to $52 from $48.
    • Goldman assumes a $5 per barrel Brent-WTI spread through 2016-2020.
    • Source: Reuters
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM
    • Previously: Goldman on oil: Sell the rip (May 12)
    | May 18, 2015, 8:07 AM | 31 Comments
UGA Description
The United States Gasoline Fund LP (UGA) is an exchange traded security that is designed to track in percentage terms the movements of gasoline prices.
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