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PowerShares DB Oil ETF (DBO)

  • Dec. 12, 2012, 4:42 AM
    The International Energy Agency increases its forecast for 2013 worldwide oil demand by 110K bpd to 90.5M, saying it expects growth to "stay relatively sluggish" due to "tepid global economic expansion." In its monthly report, the IEA also raises its production forecast by 70K bpd to 54.2M bpd, with the U.S. shale revolution driving growth.
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  • Dec. 11, 2012, 2:15 PM
    Although there is deadlock over who should be OPEC's new secretary general, the cartel's members - even Iran - are in agreement that oil prices are roughly where they want them. OPEC projects demand for its crude in H1 2013 at 29.25M bbl/day, implying a 1.5M bbl/day stockbuild during that period vs. November's output of 30.8M bbl/day and a possible upcoming drop in prices.
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  • Dec. 6, 2012, 7:43 AM
    WTI crude (USO) slips further in relevance with the Energy Department dropping the use of the benchmark for its annual oil price forecast. Brent crude (BNO) - now selling for $21/barrel more - will be used instead. "WTI has become a misleading price indicator for global economic growth," says researcher Gordon Kwan.
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  • Dec. 5, 2012, 3:43 AM
    U.S. crude-oil production +16% Y/Y in September to almost 6.5M bpd, the highest in nearly 15 years, the EIA said yesterday. The states with the big increases were unsurprisingly Texas, with its Eagle Ford formation, and North Dakota, which is at the center of the Bakken Shale region. The fracking revolution has helped output in the latter state surge to 720K bpd. (PR)
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  • Nov. 29, 2012, 10:12 AM
    Egypt's political crisis heralds a new phase of instability in the Middle East that will keep worries about area oil supplies intact and put upward pressure on prices, commodities analysts say. ANZ's Nick Trevethan expects higher oil prices in the first few months of next year partly due to political risk, adding that Jan. 22 parliamentary elections in Israel also would be watched closely by energy markets.
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  • Nov. 26, 2012, 11:39 AM
    Brent crude is poised to overtake West Texas as the world’s most-traded commodity for the first year ever, as daily trading in Brent jumps 14% Y/Y to average 567K contracts YTD while WTI falls 17% to 575K. Brent is gaining favor among traders due to its role as the benchmark for prices from Saudi Arabia to Russia; as the U.S. struggles to clear the glut at Cushing, WTI grows less connected to the global market.
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  • Nov. 21, 2012, 12:04 PM
    Israel and Hamas have agreed to a cease-fire, reports Reuters, citing a Palestinian official. Higher earlier amidst a Tel Aviv bus bombing, oil goes red for the session. USO -0.7%.
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  • Nov. 13, 2012, 5:14 AM
    The IEA cuts its outlook for global Q4 oil demand by 290K bpd to 90.1M bpd, due to "persistent weakness" in Europe and the effect of Hurricane Sandy, which chopped U.S. consumption by 230K bpd in October. In its monthly report, the agency also lowers its 2013 growth forecast by 100K bpd to 830K bpd, which would take total consumption to 90.4M bpd.
  • Nov. 13, 2012, 5:06 AM
    Iranian oil output rises by 70K bpd to 2.7M bpd in October following seven months of declines, while exports spike to 1.3M bpd from 1M in September, the IEA estimates. The increased sales were mainly to China and South Korea, and may have brought Iran an extra $900M in revenue, Reuters calculates. The IEA also reckons Iranian crude held in floating storage halved to 13M barrels from 25M-30M barrels in April.
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  • Nov. 12, 2012, 6:31 AM
    Iraq believes it can boost oil production to 9M bpd by 2018 from 3.25M bpd currently and even exceed 12M bpd, Oil Minister Abdul Kareem Luaiby says. Luaiby reckons reaching that capacity would require investment of $130B-$150B, which "could be shouldered by the foreign companies developing our fields."
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  • Nov. 9, 2012, 9:35 AM
    News that Iranian warplanes fired on an unmanned U.S. drone in international airspace is a reminder of how quickly underlying tensions could turn into conflict. So much of the world’s oil either comes from or passes through the region that the prospect of war could cause serious jitters in world oil markets, but economic concerns still rule for now: Brent futures -0.4% to $106.81, WTI -0.3% to $84.81.
  • Nov. 7, 2012, 3:05 PM
    Crude oil futures settle at their lowest since July 10, influenced by strong increases in U.S. supplies of crude and gasoline. "Consumption of gasoline is down by over half a million barrels a day due to Sandy. Nothing Obama does will impact crude in the short term." But traders surely are keeping a nervous eye on a potential fiscal cliff. WTI crude -4.8% to $84.45, Brent crude -3.9% to $106.72.
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  • Nov. 7, 2012, 10:49 AM
    A change to the weightings in the widely tracked S&P GSCI commodity index could lead to a further widening of the Brent-WTI spread that is already running at very high levels. The disconnection between the two contracts, and their susceptibility to localized supply-and-demand issues, could force traders to start looking around for a new benchmark against which to price oil.
  • Nov. 2, 2012, 2:15 PM
    Energy futures are broadly lower after the Department of Homeland Security waives the Jones Act in a move to allow additional foreign-flagged tankers from the Gulf of Mexico to enter northeastern ports after Hurricane Sandy shut two New Jersey refineries. WTI crude -2.3% to $85.04, natural gas -4.1%, gasoline -2.4%, heating oil -2.5%.
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  • Oct. 30, 2012, 5:55 PM
    Pump prices continue to fall, now $0.11 lower than a week ago, as the Sandy dynamic now favors lower prices. Gasoline futures fell ~1% today to reverse yesterday's gains, on concerns about lower energy consumption and the belief that east coast refineries emerged from the storm without much damage. Crude futures edged higher, reflecting higher demand for oil in the Midwest and Gulf Coast.
  • Oct. 30, 2012, 8:11 AM
    Fuel supplies to the northeastern U.S. should recover quickly in the aftermath of Hurricane Sandy, according to BP CEO Bob Dudley: "It has disrupted logistics, but there is an efficient infrastructure... It will bounce back quickly... I don't think [the disruption] will be long-lasting." BP has no refineries in the region but it operates supply infrastructure there.
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DBO Description
The PowerShares DB Oil Fund (Fund) is based on the Deutsche Bank Liquid Commodity Index - Optimum Yield Oil Excess Return™ (Index) and managed by DB Commodity Services LLC. The Index is a rules-based index composed of futures contracts on Light Sweet Crude Oil (WTI) and is intended to reflect the performance of crude oil. You cannot invest directly in an index. Ordinary brokerage commissions apply.
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