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The United States Brent Oil ETF, LP (BNO)

  • May 17, 2012, 8:59 AM
    Emerging market demand will lift Brent crude to $115/bbl in H2 of this year, Saxo Bank's Ole Hansen predicts: "We are still seeing demand rising... All the growth in oil demand is coming from China, Brazil, India. Oil prices to a great extent will be determined by the developments in those countries."
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  • Apr. 27, 2012, 12:11 PM
    It’s not quite time to jump into an oil fund, but once the time comes, a tracker of Europe’s benchmark Brent crude may be the better bet, Ned Davis Research says. Since the European benchmark’s losses have been steeper, the firm recommends the U.S. Brent Oil Fund (ETF: BNO) vs. popular trackers of U.S. WTI such as DBO, OIL and USO.
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  • Apr. 25, 2012, 10:54 AM
    WTI crude gives up its gains, now -0.4% to $103.17 following a stronger-than-expected build in inventories. Products saw unexpected drawdowns, but gasoline is still lower, UGA -1.2%.
  • Apr. 17, 2012, 2:56 PM
    "We caution against mistakenly categorizing speculation as a form of manipulation," says the CME, responding to the President's proposals this morning. "To use margin requirements to control cash prices is misplaced ... (this) would make the markets less efficient, less tied to fundamentals ... push hedgers out of the market ... (and) make oil more expensive for all consumers."
  • Apr. 17, 2012, 11:47 AM
    The President's plan to chill supposed oil manipulation: Increase by 6-fold the surveillance and enforcement staff at the CFTC. Increase spending on surveillance technology. Increase civil and criminal penalties for manipulation from $1M to $10M. Give the CFTC authority to increase margins (presumably now only the domain of the exchanges). Crude +1.4% to $104.84.
  • Apr. 16, 2012, 1:02 PM
    The price of Brent crude (BNO -2.4%) is off sharply today even as WTI crude (USO -0.1%) holds its own. Perhaps real progress has been made in talks between Iran and Western powers towards the lifting of oil sanctions in exchange for a compromise on uranium enrichment.
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  • Apr. 12, 2012, 7:05 AM
    OPEC adds it voice to the IEA's from earlier, stating the oil market is well-supplied, and only the perception of danger of a shortage due to Iran tensions is keeping the price high (no mention of Western central banks?). The group says its March output rose 136K bpd to 31.3M bpd, 1.3M bpd greater than the planet's need.
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  • Apr. 10, 2012, 12:36 PM
    Crude oil touches a 2-month low of $100.83/barrel as it follows risk markets downward. USO -1%, BNO -1.7%. Another economically sensitive commodity, copper falls back to mid-January levels at $3.65/lb. JJC -1.8%. Freeport-McMoRan (FCX) gives up big early 2012 gains to slip into the red on the year.
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  • Apr. 10, 2012, 9:00 AM
    Iran has halted oil exports to Spain and says it may halt sales to Germany and Italy, Reuters reports the country's state TV as saying. Oil is "off the lows" as they say, WTI flat, Brent -0.6% at $121.31.
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  • Mar. 28, 2012, 10:29 AM
    France confirms a report that it's in talks with the U.S. and U.K. to release oil reserves to try to stem high crude prices, with the IEA also involved. Fuel costs are high and Sarkozy's behind in the polls - this surely has nothing to do with the election, does it? Oil is -2.1%, continuing its decline from earlier.
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  • Mar. 28, 2012, 7:12 AM
    Crude oil trades lower this morning, taking a tumble and not yet recovering on a published French report that the U.S., U.K., and France are considering a release of strategic reserves. WTI crude -1% to $106.30, Brent crude -1% to $124.33. It's election season in France too, you know.
  • Mar. 28, 2012, 6:08 AM
    France, the U.K. and the U.S. are in talks about a possible release of strategic oil reserves "in a matter of weeks" in order to push fuel prices down, Le Monde reports. The speculation comes as Iran says that talks with World Powers about its nuclear program will take place on April 13.
  • Mar. 23, 2012, 5:48 AM
    IEA chief Maria van der Hoeven backs Saudi Arabia to fill the gap in oil supplies caused by international sanctions on Iran, saying "There is no fear of disruption." The Saudis said on Tuesday that they're ready to increase output by 2.5M bpd to 12.5M bpd, but some analysts are skeptical about the country's ability to do so.
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  • Mar. 22, 2012, 10:41 AM
    Crude oil sinks under the weight of slowing economies (I, II) around the world, hitting its lowest level (outside of the dive on the SPR release rumor) in nearly a month. WTI crude -2.2% to $104.94. USO -1.7%.
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  • Mar. 15, 2012, 3:32 PM
    WTI crude oil returns to unchanged on the day after sinking about $1.50/barrel on the rumored (later denied) SPR release. As long experience suggests, the price of oil is going to go where it wants to, with or without the release of the country's emergency reserves.
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  • Mar. 15, 2012, 12:12 PM
    And the denial: An aide to the President says the report of the oil reserve release is inaccurate (not false? - ed.). Oil bounces back a bit, Brent (BNO) -1.3%, WTI (USO) -0.5%.
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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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