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The United States Brent Oil ETF, LP (BNO)

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  • Apr. 25, 2011, 8:21 AM
    Believing high oil prices are the result of "fear and speculation," OPEC is not likely to change production targets at its June meeting. "There is no good reason for prices to be where they are right now ... the market is oversupplied and demand is not that strong," says a delegate.
  • Apr. 21, 2011, 3:20 PM
    Maybe a bit more plausible than speculators, Stuart Staniford argues "evidence points in the direction of Saudi Arabia being unable to raise production much if at all in the near term." With cutbacks from Libya and demand still strong, oil could have a lot farther to go.
  • Apr. 19, 2011, 9:48 AM
    The crude oil market is paying little attention to a weekend statement from oil minister Ali Naimi that Saudi production has been cut nearly 10% since February. This will cause the lowest level of OPEC output since the world economy was at a standstill 2 years ago, and gives truth to ideas that Saudi production overcapacity is a myth.
  • Apr. 18, 2011, 12:36 PM
    Worries ease over disruption of the Nigerian oil industry after President Goodluck Jonathan cruises to victory in yesterday's election. Rioting broke out in the Muslim-dominated North after the results, but are not a threat to the oil-producing areas of the country.
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  • Apr. 15, 2011, 2:55 PM
    “If analysis were to be judged solely in terms of the weight of headlines generated and their impact on the petroleum paparazzi," then go with Goldman's bearish oil call, says Barclays. If it's fundamentals, well, supply remains far too tight to believe prices have topped. BNO +0.9%, USO +1.0%.
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  • Apr. 14, 2011, 11:28 AM
    A commodity strategist at BofA views things a bit differently than Goldman, calling for crude oil to rise as much as 30% from current levels. Sabine Schels sees nothing to change the current paradigm of strong economic growth against continued restricted MENA supplies. BNO -0.2%, USO +0.5%.
  • Apr. 13, 2011, 10:01 AM
    Is Saudi Arabia waiting for even higher prices before it starts pumping more crude or is the country's 3M B/D spare capacity just a myth? Jeff Rubin contends the Saudis can't respond to today's high prices for the same reason they couldn't in 2008 - there's no more to pump. USO +0.6%, BNO +1.1%.
  • Apr. 13, 2011, 8:19 AM
    Oil bounces more than $1 off of earlier lows, helped by news Kuwait has temporarily suspended exports because of sandstorms. Also, Barclays disputes the IEA's contention that high crude prices are pinching demand, calling the assertion "far too premature." Premarket: USO +1.0%.
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  • Apr. 12, 2011, 11:34 AM
    Contributing to the slide in oil is Goldman's call for "a substantial pullback" in prices. David Greely says supplies are significantly less tight than 2008, the last time prices were in this neighborhood... hey, wasn't Goldman calling for $200 oil then? USO -2.7%, BNO -2%.
  • Apr. 12, 2011, 8:37 AM
    "Had the Libyan crisis emerged at a time other than during peak European refinery maintenance, $125 a barrel might already be a distant speck in the rear-view mirror," according to an IEA report which says a rebound in activity this summer will add 2-3M barrels of demand for crude.
  • Apr. 11, 2011, 7:59 AM
    Libyan rebels won't accept an African Union ceasefire plan unless Gaddafi quits. The AU says Gaddafi agrees to end hostilities and hold talks about political reform, but there's no talk of him resigning. (previous)
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  • Apr. 10, 2011, 5:10 PM
    Breaking: South African President Jacob Zuma, in Libya to try to negotiate a ceasefire, says Gaddafi has accepted the roadmap to peace proposed by the African Union.
  • Apr. 8, 2011, 3:38 PM
    With open outcry trading done for the week, WTI crude continues to power higher in electronic session, the May contract closing in on $113/barrel. It was only a little more than 24 hours ago, that WTI hit $110 for the first time since August 2008. Brent is nudging up against $128. USO +2.4%, BNO +3.1%.
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  • Apr. 8, 2011, 11:18 AM
    As Gaddafi forces lay siege to Misrata, the lone rebel-held city in the West, military commanders admit it unlikely rebel forces will be able to overthrow the strongman by force. "It is important to find a political solution," says a NATO spokesperson ... oil for food V2.0? USO +1.3%, BNO +2.0%.
  • Apr. 7, 2011, 1:16 PM
    Crude oil continues to march higher, May WTI taking out the $110/barrel level last seen in the summer of 2008 (it was on the way down then). OPEC contends the market is well supplied and thus cannot do anything to relieve prices. Perhaps Jeff Rubin and others are right and OPEC has no spare capacity. USO +1.4%.
  • Apr. 6, 2011, 7:39 AM
    The head of the rebel army blames inadequate NATO support as his troops retreat from the oil port of Brega. Combined with Tobruk - where the rebels are set to make their first oil sale - holding the town of Brega would give the rebels strong control of oil in the East. May crude is up a bit at $108.21.
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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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