The United States Gasoline ETF, LP(UGA)- NYSEARCA
  • Today, 12:22 PM
    • Goldman's cutting of its outlook for the price of oil earlier this week is looking particularly ill-timed as one day later OPEC looked to have reach some sort of deal to cut production, sending crude 5% higher yesterday and upward another 2% today (to $48 per barrel).
    • Goldman, however, is sticking to its guns. Acknowledging a "strictly implemented" deal could add $7-$10 per barrel to the price of crude, analyst Damien Courvalin and team remind OPEC's member countries tend to cheat on their quotas.
    • They also note Iran and Libya are not part of the new agreement, and production for those outside of OPEC would surely rise alongside any increase in price.
    • They reiterate their $43 year-end target and $53 for the end of 2017.
    • USO +2.9%
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILX
    | Today, 12:22 PM | 38 Comments
  • Yesterday, 3:06 PM
    • Bloomberg has more details about earlier word of an OPEC deal ...
    • The group reportedly has agreed to drop production to 32.5M barrels per day, which would be 750K barrels per day less than pumped in August.
    • The deal, of course, could not have been made without agreement from Saudi Arabia and Iran, so the agreement is particularly significant given their clashes on oil policy, not to mention backing opposite sides in civil wars in Syria and Yemen.
    • In other news, Russian output hit a new post-Soviet record of 11.1M barrels per day this month, up 400K per day from August. Russia was in attendance at OPEC's Algiers talks, but was not an official party to the deal.
    • Crude is now higher by 5.35% to $47.06 per barrel.
    • Previously: Oil rallies on word of OPEC deal (Sept. 28)
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILX
    | Yesterday, 3:06 PM | 54 Comments
  • Yesterday, 2:21 PM
    • The cartel has reached an agreement to freeze production beginning in November, according to a source. WTI crude has added about $0.75 in the last few minutes, now up 4% on the day to $46.48 per barrel.
    • USO +4.5%
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILX
    | Yesterday, 2:21 PM | 130 Comments
  • Tue, Sep. 27, 4:41 PM
    • The API reports an 832K barrel inventory draw vs. expectations for a build. Oil has added about a quarter on the news to $44.75 per barrel, but remains lower on the day by 2.5%.
    • USO +0.6% after hours
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILX
    | Tue, Sep. 27, 4:41 PM | 26 Comments
  • Tue, Sep. 27, 7:23 AM
    • Warning supplies will continue to outpace demand regardless of what OPEC might say or do at its meeting this week, the Goldman Sachs team of Damien Courvalin and Jeffrey Currie cut their forecast for crude oil in Q4 to $43 per barrel from $50.
    • "We find that the potential for less disruptions and still relatively high net long speculative positioning leave risks skewed to the downside into year-end."
    • They expect a ramp in production from places like Kazakhstan, Russia and Canada, and with the demand outlook unchanged, this makes for an inventory build of 400K barrels per day in Q4 vs. their previous estimate for a 300K barrel per day draw.
    • Texas Tea is down 1.7% to $45.16 per barrel. USO -1.45% premarket.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILX
    | Tue, Sep. 27, 7:23 AM | 20 Comments
  • Fri, Sep. 23, 1:37 PM
    | Fri, Sep. 23, 1:37 PM | 23 Comments
  • Tue, Sep. 20, 4:38 PM
    • The numbers aren't yet available, but the API is reporting a sizable unexpected draw in oil inventories for the past week.
    • Crude has added about $0.50 to earlier gains since the news hit, now up 1.4% on the session to $44.48 per barrel.
    • USO +0.9% after hours
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILX
    • Update at 4:40: Crude oil draw of 7.5M barrels vs. a build of 1.4M last week. Gasoline draw of 2.5M barrels vs. a draw of 2.4M last week. Distillate build of 407K barrels vs. a draw of 1.1M last week.
    | Tue, Sep. 20, 4:38 PM | 62 Comments
  • Tue, Sep. 20, 11:24 AM
    • Colonial Pipeline says it expects to restart its major pipeline tomorrow after completing the installation of a new 500-ft. section of pipe to bypass a leak, while warning that it will take several days for the fuel delivery supply chain to return to normal.
    • The pipeline normally carries more than 1M bbl/day of gasoline, and filling the pipeline back up is not like flipping a switch; while the bypass section is just as large as the original pipeline, it could take days for the pipeline to return to full rates.
    • With the pipeline largely out of commission since Sept. 9 when a leak was discovered in Alabama, gasoline prices have surged in southeastern states including Georgia, Alabama, South Carolina, North Carolina, Tennessee and Virginia.
    • Colonial Pipeline is owned by Koch Industries, South Korea’s National Pension Service, Royal Dutch Shell (RDS.A, RDS.B) and others.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, SZO, OLEM
    | Tue, Sep. 20, 11:24 AM | 13 Comments
  • Thu, Sep. 15, 7:15 PM
    • Gasoline prices are set to jump across the eastern U.S. after a weekend spill in Alabama from the country’s main gasoline pipeline delivering fuel from refineries along the Gulf Coast to 50M Americans in states from Mississippi to New Jersey.
    • Colonial Pipeline is pushing back the estimate for a complete startup of its Line 1 to next week from this weekend, citing adverse weather conditions overnight that slowed the cleanup and repair.
    • Nymex October gasoline futures surged more than 5% in today's trade to settle at $1.430/gallon, the highest in more than three weeks, and experts say pump prices may rise as much as $0.15/gallon over the next week in parts of the eastern U.S.
    • The EPA temporarily lifted requirements on fuel quality amid the “extreme and unusual fuel supply circumstance,” and Georgia, Alabama and North Carolina governors lifted rules that limit how many hours fuel truckers can work.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM
    | Thu, Sep. 15, 7:15 PM | 15 Comments
  • Thu, Sep. 15, 3:07 PM
    | Thu, Sep. 15, 3:07 PM | 1 Comment
  • Tue, Sep. 13, 4:50 PM
    • The API reported a 1.4M barrel increase in U.S. crude inventories vs. expectations for a 4M barrel gain. Gasoline stocks fell 2.4M barrels; distillates rose 5.3M barrels.
    • Oil had a rough session, falling to $44.90 by 4 ET, but has rebounded to $45.20 per barrel since the API news hit - still down about $1 from 24 hours ago.
    • USO +0.7% after hours
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILD, OILU, OILX
    | Tue, Sep. 13, 4:50 PM | 17 Comments
  • Wed, Aug. 24, 9:09 AM
    | Wed, Aug. 24, 9:09 AM | 28 Comments
  • Fri, Aug. 19, 1:36 PM
    • U.S. rigs drilling for oil rose by 10 to 406 in the latest week, according to Baker Hughes. It's the eight consecutive rise and the highest count since Febraruy.
    • The total active rig count (which includes those drilling for natural gas) rose 10 to 491.
    • WTI crude oil remains little-changed at $48.19 per barrel.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILD, OILX, OILU
    | Fri, Aug. 19, 1:36 PM | 58 Comments
  • Thu, Aug. 18, 1:06 PM
    • WTI crude oil is higher by 2.8% today to $48.09 per barrel, putting the price of black gold nearly 22% above the $39.51 it touched on August 2.
    • Chatter about some some of production freeze out of OPEC make for a good excuse, but Iran's plans to raise its output back up to pre-sanction levels calls that into question.
    • Also helping the bulls: Hurricane season is on the way and the U.S. National Oceanic and Atmospheric Administration recently boosted its expectations for storm activity.
    • USO +2.6%
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILD, OILX, OILU
    | Thu, Aug. 18, 1:06 PM | 31 Comments
  • Thu, Aug. 11, 11:59 AM
    • Crude production is falling behind demand to the tune of 1M barrels per day in Q3, says the IEA. "Our balances show essentially no oversupply during the second half of the year."
    • It's a combination of big production cuts by non-OPEC producers and healthy demand.
    • In other news, Saudi Arabia energy minister Khalid al-Falih says market forces are already doing their work, but his country is ready to do what it can to further support prices.
    • WTI crude is higher by 3.6% to $43.22 per barrel. USO +3.95%
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILD, OILX, OILU
    | Thu, Aug. 11, 11:59 AM | 57 Comments
  • Tue, Aug. 9, 12:16 PM
    • Fundamental oil issues have not been addressed," says energy strategist Adam Longson. "Physical oil markets likely need to get worse before they get better."
    • Longson and team see a possible bottom for oil at around $35, with any decline to that area putting the shorts at risk of some sort of OPEC production freeze rumor, or other bullish chatter.
    • WTI crude today is marginally higher at $43.08 per barrel.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, UGA, USL, DNO, OLO, UHN, SZO, OLEM, OILD, OILX, OILU
    | Tue, Aug. 9, 12:16 PM | 14 Comments
ETF Hub
Find the right ETFs for your portfolio: Visit Seeking Alpha's ETF Hub