Seeking Alpha
 

The United States Brent Oil ETF, LP (BNO)

- NYSEARCA
  • Aug. 22, 2014, 3:24 AM
    • The U.S. has indicated it will be expanding its international campaign to combat extremists of the Islamic State, and will likely extend its fight from Iraq into neighboring Syria.
    • The Obama administration has outlined several different fronts to combat ISIS, including continued airstrikes, support for the new Iraqi central government and influencing Persian Gulf states to halt funding their citizens may be providing the extremist forces.
    • ISIS is well-funded by its many criminal activities and seizure of numerous oil fields. The latter has caused trouble in crude markets, causing many unauthorized oil purchases and the indirect funding of the extremist militant group.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, GULF, CRUD, USL, MES, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | Comment!
  • Aug. 21, 2014, 8:19 AM
    • Even as chaos continues to engulf the country, Libya said yesterday that oil exports would resume shortly from the Es Sider terminal, the country's largest and capable of exporting 350K bbl/day of crude, after being shut for the past year.
    • Libya’s production is now well over 500K bbl/day, still below peaks reached under Gadhafi's rule but a significant addition to global oil supply.
    • Crude oil futures are falling in Europe on news of the increased Libyan supply as well as weak overnight data on Chinese manufacturing; October Brent crude on the ICE exchange fell $0.71 to $101.57.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | Comment!
  • Aug. 21, 2014, 4:55 AM
    • After a year-long blockade, Libya has restarted oil exports from its largest port, resolving some mistrust between rebel leaders and the government.
    • Despite the ongoing clashes and violence still raging in main cities, the OPEC member's oil production has risen in the past few weeks to around 560K barrels a day.
    • The new production is well above the 100K bpd seen earlier this year, but still short of the 1.4M bpd a year ago.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | Comment!
  • Aug. 19, 2014, 7:17 PM
    • Among Warren Buffett's (BRK.A, BRK.B) Q2 moves was a pullback in oil company investments, selling off the vast majority of his stake in ConocoPhillips (NYSE:COP) and dumping some of his holdings in Phillips 66 (NYSE:PSX) and National Oilwell Varco (NYSE:NOV).
    • The move looks prescient, as U.S. crude prices have dropped from ~$107/bll in mid-June to less than $95 today, and energy stocks went from being among the best performers on Wall Street to the middle of the pack.
    • West Texas crude for September delivery fell $1.93 to $94.48/bbl, the lowest settlement for a front-month contract since Jan. 17, and Brent crude traded near 14-month lows.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM
    | 41 Comments
  • Aug. 18, 2014, 12:01 PM
    • Crude rallied hard into the close on Friday, perhaps over worry of some geopolitical blow-up over the weekend, but - with no blow-up forthcoming - it's resumed its slide, off 1.4% to $96.04 per barrel - right around the lowest since late January.
    • "The world has changed," says energy market analyst Daniel Dicker, noting conflicts in Russia/Ukraine, Iraq, and Syria, along with destabilization in Libya and Egypt - had they happened a few years back - would have sent prices soaring. What's different today, he says, is the exit from trading by the large investment banks. "This has taken an enormous amount of speculative steam out of the oil trade."
    • USO -1.2%
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, CRUD, USL, UHN, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | 9 Comments
  • Aug. 15, 2014, 4:14 PM
    | 1 Comment
  • Aug. 12, 2014, 9:04 AM
    • “Despite armed conflict in Libya, Iraq and Ukraine, the oil market today looks better supplied than expected, with an oil glut even reported in the Atlantic basin," says the International Energy Agency in its monthly report.
    • Alongside the bearish supply outlook, the IEA cut its global demand forecast for this year by 180K barrels per day to 1M. Demand is expected to rise to 1.3M barrels per day next year.
    • WTI crude is down 0.9% to $97.19, its lowest price since February. USO -0.6% premarket
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, CRUD, USL, UHN, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | Comment!
  • Aug. 10, 2014, 7:27 AM
    • The Kurdish Ministry of Natural Resources says that oil production in Iraqi Kurdistan remains unaffected despite the advance of Islamic State militants.
    • "The enemy has not been able to target oil operations. Oil production in the region remains unaffected and is being delivered to both the domestic and export markets," says the ministry. "The Kurdistan Regional Government is expecting that the producing companies will ramp up production in the coming weeks as ongoing export infrastructure improvements come online as planned."
    • However, many companies have started to evacuate staff and suspend operations at some fields in the region, including Chevron, Afren Oryx Petroleum and Genel Energy.
    • Kurdistan describes the firms' moves as "precautionary measures," and warned companies not to take any steps without close coordination with the Ministry of Natural Resources.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | 6 Comments
  • Aug. 7, 2014, 3:49 AM
    • After many months of talks, Russia and Iran have yet to agree over the concrete details of their oil-for-goods deal, although new reports state that the agreement will be much smaller than previously expected.
    • Initial Russian and Western media outlets said the agreement would see Iran export of up to 500K barrels of oil per day, but Moscow's Kommersant business daily now cites sources saying the controversial deal will be closer to 70K.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI,GULF, MES, RSX, RUSL, RSXJ, ERUS, RUSS, RBL, RUDR
    | Comment!
  • Aug. 5, 2014, 5:28 PM
    • West Texas crude prices tumbled to six-month lows today while Brent fell to the lowest level this year amid speculation that refineries will slow operations, reducing crude demand.
    • WTI for Sept. delivery fell $0.91 (0.9%) to close at $97.38/bbl on the New York Merc, the lowest settlement since Feb. 5, while Brent for Sept. settlement fell $0.80 (0.8%) to $104.61/bbl on the ICE Futures, the lowest close since Nov. 7.
    • Prices have been falling since the July 31 announcement that CVR Refining's (CVI, CVRR) 115K bbl/day Coffeyville refinery that gets oil from Cushing, Okla., may be offline for most of August after a fire.
    • “The loss of $10 in value in six weeks can’t be explained by weak fundamentals alone,” says a broker, adding "Until there’s a major event, prices will be under downward pressure.”
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | Comment!
  • Aug. 5, 2014, 7:44 AM
    • The tanker carrying 1M barrels of Kurdish crude oil is still situated in the Gulf of Mexico, as the dispute continues between the Kurdistan Regional Government and the Iraqi Oil Ministry.
    • Last week, a U.S. District Court ruled that the tanker was outside of its jurisdiction, but it would be seized should it enter U.S. waters.
    • Baghdad has argued that all oil sales outside of  its control are illegal, however, the Kurdistan Regional Government has asked the U.S. court to throw out the ruling.
    • Previously: Kurdish oil to be seized following order and arrest warrant
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | 1 Comment
  • Jul. 31, 2014, 5:13 AM
    • A tanker loaded with $40M of ultralight oil departed Texas for South Korea late last night, marking the first unrefined American oil export since the 1970s.
    • Although the U.S. policy on oil exports has not changed, the Commerce Department last month began relaxing its definition of "unrefined oil".
    • As U.S. condensate supply surges due to the shale oil boom, the industry is demanding permits and comprehensive public guidance regarding what oil can or cannot be exported.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | 4 Comments
  • Jul. 29, 2014, 12:58 PM
    • The U.S. reportedly has put on hold two companies’ requests for permission to sell condensate, effectively stalling an industry push for U.S. exports of the expanding glut of oil.
    • The delay may give the Commerce Department more time to put together some form of comprehensive public guidance about what kind of oil can or cannot be exported, answering the industry's plea for clarity; sources tell Reuters they think it could occur within weeks.
    • The news last month that Pioneer Natural Resources (NYSE:PXD) and Enterprise Product Partners (NYSE:EPD) had been told that putting condensate through an advanced stabilizer was sufficient processing to export it without a license created a storm of confusion and questions.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM
    | 14 Comments
  • Jul. 29, 2014, 4:58 AM
    | 8 Comments
  • Jul. 29, 2014, 2:25 AM
    • The oil tanker carrying 1M barrels of controversial Kurdish crude oil to the U.S. was cleared by the Coast Guard in Texas yesterday, although Iraq's lawyers are now saying they will fight to stop its sale.
    • The Iraqi government sees the oil from Kurdistan as its own despite the recent Kurdish seize of the oil facilities in the region.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | 2 Comments
  • Jul. 28, 2014, 3:24 AM
    • Brent crude tumbled below $108 a barrel this morning, falling $0.50 to $107.89, as a 24-hour humanitarian truce went into effect between Israel and Hamas.
    • U.S. crude futures for September delivery dropped $0.52 cents to $101.57 a barrel after ending last week 1% lower.
    • Oil remained underpinned by tension in hotspots such as Libya and eastern Ukraine despite sufficient supply of global crude.
    • Global markets may also see more oil exported out of Iraqi Kurdistan after the U.S. Coast Guard cleared a tanker yesterday to unload the questionable cargo in Texas.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | Comment!
Visit Seeking Alpha's
BNO vs. ETF Alternatives
BNO Description
The United States Brent Oil Fund, LP ("BNO") is a domestic exchange traded security designed to track the movements of Brent crude oil. BNO issues units that may be purchased and sold on the NYSE Arca. The investment objective of BNO is for the daily changes in percentage terms of its units' net asset value ("NAV") to reflect the daily changes in percentage terms of the spot price of Brent crude oil as measured by the changes in the price of the futures contract on Brent crude oil as traded on the ICE Futures Exchange, less BNO's expenses.
See more details on sponsor's website
ETF Hub
Find the right ETFs for your portfolio: Visit Seeking Alpha's ETF Hub