The United States Gasoline ETF, LP (UGA) - NYSEARCA
  • Oct. 23, 2015, 7:42 AM
    | Oct. 23, 2015, 7:42 AM | 14 Comments
  • Oct. 20, 2015, 4:50 PM
    • U.S. crude oil stocks rose 7.05M barrels last week, down from 9.3M the previous week, but higher than the expected 3.5M barrel gain.
    • WTI crude is lower by 0.5% since the news hit, now selling for $45.91 per barrel. USO -0.4% after hours.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Oct. 20, 2015, 4:50 PM | 23 Comments
  • Oct. 19, 2015, 2:52 PM
    • WTI crude oil is more-or-less back where it started the month after today's 3% decline brings the price to $46.29 per barrel. The price of black gold had bubbled up to more than $51 per barrel just a few sessions ago, prompting calls that a bottom was in, along with prescient advice from Goldman to sell the rip.
    • Today's dip comes as Iran urges OPEC to slash output (bullish?), and China beat estimates for Q3 GDP (bullish?), but still grew at the slowest pace since 2009 (bearish?).
    • USO -2.6%
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Oct. 19, 2015, 2:52 PM | 46 Comments
  • Oct. 14, 2015, 4:49 PM
    • Oil supplies jumped by 9.3M barrels in the week ended Oct. 9, according to the API, far above the expected 1.8M barrel gain. The EIA's take on the matter is due tomorrow morning.
    • Roughly flat for the day prior to the API report, crude is now lower by 1% to $46.13 per barrel.
    • USO -0.9% after hours
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Oct. 14, 2015, 4:49 PM | 30 Comments
  • Oct. 12, 2015, 3:03 PM
    • After rising nearly 10% in one of its best weekly performances in years, crude oil gives nearly the whole thing back in just today's session, now off 5% to $47.14. per barrel.
    • At the high hit on Friday, crude touched nearly $51. Last week's low was just south of $46.
    • Traders are ignoring purportedly bullish news from OPEC, which revised its outlook for U.S. oil production next year to a decline from small gain. The group also sees lower production from Russia as leading declines in other non-OPEC producers.
    • USO -4.6%
    • Previously: Goldman still not a buyer of commodity rally (Oct. 12)
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Oct. 12, 2015, 3:03 PM | 62 Comments
  • Oct. 12, 2015, 7:31 AM
    • U.S. oil production will decline for the first time in eight years in 2016, says OPEC, expecting a fall of 60K bpd to 280K vs. the previously expected increase.
    • “This should reduce the excess supply in the market…resulting in more balanced oil market fundamentals,” says the group.
    • OPEC also sees declining production from other non-cartel producers - particularly Russia - of 720K bpd.
    • Oil today is up 0.3% to $49.77.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Oct. 12, 2015, 7:31 AM | 84 Comments
  • Oct. 8, 2015, 9:34 AM
    • The sharp rally in oil comes alongside a general rally in risk assets over the past week combining with what's still significant short positioning in crude, says Goldman.
    • The data, however, do not suggest a change in bearish oil fundamentals, with the numbers pointing to an oversupplied market despite a decline in U.S. production.
    • The team notes this rally looks an awful lot like the one which occurred in late August - a risk-on move combining with massive shorts. The outcome - a quick reversal - should be the same.
    • What of the Fed's dovish shift as a catalyst for higher prices? This is actually a bearish development, says Goldman, as the Fed attitude reflects weaker business activity- and thus softening oil demand - in both the US and emerging market economies.
    • Oil is higher by 1% today to $48.30 per barrel.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Oct. 8, 2015, 9:34 AM | 57 Comments
  • Oct. 2, 2015, 2:28 PM
    • The wild action in crude today is nearly identical to that of the S&P 500. An early rise, followed by a quick tumble following the weaker-than-expected employment report, followed by a late morning/early afternoon rebound to session highs.
    • After sliding below $44 per ounce a couple of hours ago, oil is now higher by 1.8% on the session to $45.59. The S&P 500 is up 0.5% after being down about 1.5% at the lows.
    • Black gold shed about $5 per barrel for the mont of September.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Oct. 2, 2015, 2:28 PM | 30 Comments
  • Sep. 25, 2015, 1:25 PM
    • The number of U.S. rigs (oil and gas) fell four over the last week to 838. The number has fallen 1,093 from a year ago.
    • The number of oil rigs fell four to 640. That number has declined 952 from last year.
    • Total active rigs in Canada of 176 fell six from last week, and 253 from a year ago. The international rig count of 1,137 gained 19 from last week, but fell 202 year-over-year.
    • Crude today is ahead by 1% to $45.32. USO +0.8%
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Sep. 25, 2015, 1:25 PM | 31 Comments
  • Sep. 15, 2015, 2:31 PM
    • White House press secretary Josh Earnest says the Obama administration does not support a House bill to lift the ban on U.S. oil exports, and such a decision is for the U.S. Commerce Department.
    • Crude earlier popped north of $45 barrel on news of a House vote later this month on lifting the 40-year ban. It's slipped back under $44 - flat on the session - on this latest headline.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Sep. 15, 2015, 2:31 PM | 90 Comments
  • Sep. 4, 2015, 11:33 AM
    • Known to commodity markets for decades, Andy Hall became known to the world after raking in about $100M while at Citigroup when the bank was being bailed out during the financial crisis.
    • Still in the game at his Astenback Capital Management ($2.8B in AUM), and a bull on oil prices, Hall was flattish in August after falling 16.6% in July. Year-to-date, the fund is lower by 14.4%.
    • The absence of "extreme contango" - in which near-term oil contracts trade at sizable discount to more future ones - suggests "the world, whilst moderately oversupplied, is not awash in oil," writes Hall to his investors, noting more than 200M barrels of crude storage capacity remain available. He expects U.S. crude output to continue to decline in H2, and for the IEA to have to cut its production forecasts.
    • Oil is lower by 1.1% today to $46.23 per barrel.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    • Hall is also bullish on platinum-group metals, saying current pricing discounts a worst-case scenario for Chinese demand. "Extreme positioning creates the potential for a rapid recovery in prices.”
    • Platinum-group ETFs: PALL, PPLT, PTM, PGM
    • Source: Bloomberg
    | Sep. 4, 2015, 11:33 AM | 54 Comments
  • Sep. 1, 2015, 4:46 PM
    | Sep. 1, 2015, 4:46 PM | 28 Comments
  • Sep. 1, 2015, 3:06 PM
    • Nothing to see here, move along. After crumbling below $40 per barrel last week, the price of the world's most important commodity shot higher by 27% over the three sessions starting on Thursday.
    • Today's 8% decline brings black gold back to $45.35 per barrel, roughly the spot at which it started the week, and at about the same level it was at a month ago.
    • USO -6.5%
    • The teams at Citigroup and Goldman offer competing views on oil. "Sell the news and buy the facts," says a bearish Citi, calling the massive rally a combination of short-covering and chart readers picking bottoms. Reports of OPEC's willingness to talk to non-OPEC producers (Russia) about bringing prices higher "[were] a gross misrepresentation" of the facts, says Citi, noting most OPEC honchos are on holiday, and the lack of any follow-up to the stories suggests there was no change in policy.
    • Goldman thinks there's more to the rally and suggested clients to buy the XLE January $70 call to gain exposure (one could pick it up now for a lot cheaper than when Goldman made the recommendation a few hours back).
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Sep. 1, 2015, 3:06 PM | 30 Comments
  • Aug. 31, 2015, 12:03 PM
    • Incorporating new survey techniques for the first time, the EIA pegs June U.S. crude oil production at 9.3M barrels per day, down about 100K from the revised May figure. Production estimates for Jan-May were cut by between 40K and 130K barrels per day, with the biggest revisions coming in Texas and the Gulf.
    • Prior to this new data, "the magnitude and source of decline has been less than reassuring,” says Morgan Stanley. “However, if the data shows a more pronounced decline in North Dakota, Texas or the interior shale producing states, it could give confidence to a market increasingly doubting any decline in U.S. production.”
    • Down 2% earlier, WTI crude is now ahead 4% to $47.06 per barrel, with black gold in the last three sessions erasing all of August's earlier decline. USO +5%
    • The move in oil has also sparked a rally in the energy sector (XLE +1.7%), which, in turn, has pulled the Dow (DIA -0.2%) and S&P 500 (SPY -0.3%) well off their session lows.
    • Update at 12:20 ET: Also at work is the latest OPEC Bulletin in which the cartel continues to voice "concern" with the pressure on prices, and says it stands ready to talk with all producers.
    • Previously: Oil skies 10% as Venezuela reportedly asks for emergency OPEC meeting (Aug. 27)
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, DIG, DTO, UGA, DUG, BGR, USL, IYE, IEO, DNO, FENY, PXE, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG, GUSH, DRIP
    | Aug. 31, 2015, 12:03 PM | 90 Comments
  • Aug. 28, 2015, 11:00 AM
    • Slightly in the red for most of the morning following yesterday's melt-up, crude oil has turned sharply higher again in the past few minutes, now up 3.75% to $44.16 per barrel. Black gold had traded south of $38 during Monday's panic.
    • Asleep for most of the week as the markets tossed and turned, gold has moved higher by 1.15% to $1,135.50 per ounce.
    • There's no particular news out, but an appearance on CNBC by leading Fed dove Kocherlakota (not a FOMC voter this year) makes for a good excuse. Given the weakening inflation numbers, the Minneapolis Fed boss said a near-term rate hike would not be appropriate. More interesting, he's not against consideration of QE4, and says the Fed still has asset-purchase tools.
    • ETFs: GLD, USO, OIL, IAU, UCO, PHYS, UWTI, SCO, SGOL, BNO, DBO, UGL, DWTI, DGP, GTU, GLL, DTO, UGA, UGLD, DZZ, USL, GLDI, OUNZ, DGL, DNO, DGZ, DGLD, AGOL, UHN, OLO, SZO, GEUR, UBG, GYEN, OLEM, QGLDX
    | Aug. 28, 2015, 11:00 AM | 84 Comments
  • Aug. 27, 2015, 2:48 PM
    • According to the WSJ, Venezuela is pushing for an emergency OPEC meeting to come up with a plan to combat the rout in oil prices. Any strategy would likely need the cooperation of non-OPEC producers, namely Russia, says one OPEC delegate.
    • Russia would like closer ties with OPEC, but to this point hasn't had interest in cutting production to do so.
    • OPEC isn't scheduled to meet again until Dec. 4, and has shot down previous requests for an emergency meeting.
    • WTI crude oil is higher by 9.4% to $42.23 per barrel. USO +8.3%
    • The Energy Select SPDR's (XLE +3.8%) gain this session is more than double that of the S&P 500.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM,  XLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
    | Aug. 27, 2015, 2:48 PM | 99 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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