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The United States Brent Oil ETF, LP (BNO)

  • Jul. 11, 2013, 2:24 PM
    Crude oil futures weaken following an unconfirmed report that the 400K bbl/day Seaway Pipeline has been shut down. Flows from Seaway and other pipelines have been key in drawing down crude from the Midwest hub in recent weeks and sparking a jump in prices. Seaway is a 50-50 JV between operator Enterprise Products Partners (EPD +0.8%) and Enbridge (ENB +1.9%).
  • Jul. 11, 2013, 7:36 AM
    Not participating in a big broad commodity rally is oil (USO, BNO) with a bearish IEA report offering traders an excuse to sell after a big move higher. The agency sees non-OPEC supply rising by 1.3M barrels/day in 2014, a growth rate achieved only once in the last 20 years. Drill baby, drill - the largest increase will come from the U.S., 530K barrels. Geopolitical and technical risk could dent this forecast by 500K barrels, says the group. WTI crude is off 0.6% to $105.87.
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  • Jul. 10, 2013, 7:21 AM
    This just in - crude oil's in a bull market. Up 1.6%, WTI crude hits a new high for the move of $105.25/barrel - it's up 15% YTD and more than 30% from a year ago. Middle East rumblings may make a good excuse, but the run suggests some strength to global demand despite the curiously weak Chinese trade data overnight (which may just be a reversal of previous curiously weak data). Could the rising price put a dent in the Fed's projections of economic strength? USO +0.5% premarket.
  • Jul. 5, 2013, 4:44 PM
    The week's ETF movers - Gainers: OIL +7.6%. USO +6.9%. BNO +5.2%. TAN +4.1%. EWJ +3.3%.
    ETF Losers: VXX -7.8%. BRF -6.5%. GDXJ -6.5%. EWZ -5.4%. ILF -4.5%.
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  • Jul. 5, 2013, 3:42 PM
    WTI crude (USO +1.9%) takes out $103 per barrel for the first time in more than a year as "Rejection Friday" in Egypt turns increasingly violent - a health ministry official claims 10 are dead and 210 wounded. Supporters of ousted President Morsi continue to call his removal invalid and vow continued protests until he is reinstalled. Whatever may be happening, EGPT is up 17.5% in the last 5 sessions, retaking all the ground it lost in June.
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  • Jul. 5, 2013, 7:31 AM
    A check of oil prices following the coup in Egypt found them little-changed until moments ago when Egypt announced a state of emergency in Suez after an attack on Sinai Airport. August WTI crude (USO) pops to $101.80 and Brent Crude (BNO) to $106.48.
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  • Jul. 3, 2013, 6:15 PM
    Crowds in Cairo are alarming and partly responsible for WTI crude pushing past $100/bbl, but Liam Denning reminds that Egypt is a net oil importer, and Suez Canal oil transit totals just 0.1% of global demand. The big picture doesn't support higher oil prices: U.S. commercial stockpiles are near 20-year highs, and emerging markets will continue to drive demand growth. Even as near-month futures have risen by ~$7/bbl in the past month, futures for 2016 and beyond have dropped.
  • Jul. 2, 2013, 10:40 PM
    WTI crude oil (USOgains another 2.2% in overnight trade, now fetching $101.80 per barrel, the highest level in about 15 months amid political turmoil in Egypt. The situation may be bad enough to threaten the region's oil supplies, but the Egyptian stock market rose 4.9% today suggesting some measure of hope. The Egypt Index ETF (EGPT) gained 5.8% in New York trade. S&P 500 futures -0.2%.
  • Jul. 2, 2013, 3:00 PM
    The meme during the 70s was that gold and oil moved together. Consumers of today have no such luck as the bear market in gold is met by a crude market refusing to budge. WTI's (USO +1.6%) gain today has the lead month just under $100/barrel and the highest price in nearly a year. Egypt's maybe-crumbling government is as good of an excuse as any for the recent rise. The energy sector (XLE +0.1%) ekes out a gain as the broader market falls.
  • Jul. 2, 2013, 2:58 PM
    U.S. crude oil futures (USO, UCO) settle near $100/bbl as supply concerns due to geopolitical turmoil override fears about the global economy. Brent crude moves past $103, but the spread over WTI continues to narrow. Refiners continue to get slammed: CVRR -5.2%, ALJ -3.9%, PSX -3.4%, CVI -3.3%, WNR -3%, TSO -3%, CLMT -2.5%, VLO -2.4%, MPC -2.2%, DK -2.1%, NTI -2%, HFC -1.8%.
  • Jul. 2, 2013, 12:16 PM
    BP's Whiting refinery in Indiana is back at full production, adding ~$1B/year to operating cash flow to its bottom line but also raising demand for WTI crude, which likely will push the price difference between WTI and pricier Brent crude to below $5 for the first time since early 2011, analysts at Tudor Pickering Holt say.
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  • Jul. 1, 2013, 2:14 PM
    Unrest in Egypt is helping add to anxiety in the oil markets (USO +1.4%), but it is not likely to significantly lift oil prices that already have been elevated for months due to Middle East turmoil, says the head of Middle East research for IHS CERA. There is enough supply in the oil market today that any potential disruption of the Suez Canal transit route would not be significant.
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  • Jun. 13, 2013, 6:35 PM
    Is the U.S. oil renaissance overhyped? U.S. oil production grew faster than almost all the world's major energy players last year, but some analysts think the industry can't maintain its blistering growth. AllianceBernstein sees the marginal cost of crude in the U.S. at ~$95/bbl, which makes new production vulnerable to sharp price drops. Also, declining Bakken and Eagle Ford well production rates suggest “the best is behind us."
  • Jun. 12, 2013, 8:13 AM
    The odds that oil prices will fall over time due to supply increases gets support from the IEA's latest oil market report, which projects the amount of oil processed by refineries to rise by 2.2M bbl/day between Q2 and Q3 to average 77M bbl/day. Non‐OPEC supply expectations are raised to 54.5M bbl/day for 2013 on rebounding output in South Sudan and strong North American oil sands and tight oil production.
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  • Jun. 7, 2013, 4:28 PM
    The week's ETF movers - Gainers: OIL +5.1%. USO +4.7%. BNO +4.6%. FXY +3.1%. DBC +1.7%.
    ETF Losers: GAZ -4.7%. UNG -4.1%. PSLV -2.9%. SLV -2.7%. SIVR -2.6%.
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  • May. 31, 2013, 8:08 AM
    On the face of it, it's a smooth meeting of OPEC ministers, who decided - as expected - to maintain the current 30M bbl/day oil production cap. But there are some elephants in the room: the impact of North America's energy glut on OPEC’s periphery, how best to accommodate rising Iraqi output, how to close the political divide that prevents the selection of a new secretary general, and even whether OPEC is now a "paper tiger."
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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.
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