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OLO vs. ETF Alternatives
All of the PowerShares DB Crude Oil ETNs are based on a total return version of the Deutsche Bank Liquid Commodity Index-Oil (the "Index") which is designed to reflect the performance of certain crude oil futures contracts plus the returns from investing in 3 month United States Treasury bills. The Long ETN is based on the Optimum Yield™ version of the Index and the Short and Double Short ETNs are based on the standard version of the Index. The Optimum Yield™ version of the index attempts to minimize the negative effects of contango and maximize the positive effects of backwardation by applying flexible roll rules to pick a new futures contract when a contract expires. The standard version of the index, which does not attempt to minimize the negative effects of contango and maximize the positive effects of backwardation, uses static roll rules that dictate that an expiring futures contract must be replaced with a contract having a pre-defined expiration date.
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Wednesday, Oct 239:32 AMWTI crude at 4-month low as supplies rise
Wednesday, Oct 239:32 AM| 1 Comment
- The API late yesterday reported a 3M barrel build in domestic supplies, a number the EIA is expected to confirm in its own report at 10:30 ET.
- WTI crude (USO) is off 1.9% to $96.48, the lowest price since late June. Brent crude (BNO) isn't off nearly as much and the spread between the two has widened to a 6-month high of about $12 per barrel.
- Behind the stock build and lower U.S. prices could be refinery maintenance shutdowns. Fewer runs mean lower demand for crude, but also mean less product - gasoline and distillate supplies are both expected to print lower in the EIA report.
- ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL, UGA.
Monday, Oct 218:02 AMWTI crude oil slips below $100 per barrel
Monday, Oct 218:02 AM| 9 Comments
- It's the first time below the century mark for U.S.crude since July and is at least partly being blamed on dull demand thanks to refinery maintenance work. At the same time, domestic output is surging thanks to shale production.
- November crude is off nearly $1 this morning and more than $10 since Labor Day to $99.85 per barrel.
- AAA's daily report has national regular gasoline prices down to $3.349 per gallon vs. $3.486 a month ago and $3.676 a year ago.
- USO -0.9% premarket.
- ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL.
Friday, Oct 111:42 PMGold sell-off tied to single trade: Nanex
Friday, Oct 111:42 PM| 77 Comments
- Was one trade responsible for a sudden $25 drop in the price of gold Friday morning?
- The move lower — which happened in the space of 2 minutes and sent the yellow metal to a three-month low — is being blamed on a market order to sell 5K gold futures contracts, Nanex tells CNBC.
- "About 2,700 went off and tripped the stop logic, halting gold futures for 10 seconds while liquidity replenished. When enough liquidity returned (after 10 seconds), the balance of about 2,300 completed," Nanex remarked.
- The move appears to have affected silver, platinum, and even oil.
- Gold -2.15%, silver -3%, platinum -1.7%, crude -1.6%
- Precious metals ETFs: GLD, IAU, SGOL, PHYS AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, SLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO
- Oil ETFs - OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI
Friday, Oct 116:49 AMCrude oil slides as IEA bullish about supply
Friday, Oct 116:49 AM| 1 Comment
- Non-OPEC supplies are expected to increase by a near-record 1.7M barrels per day to 56.4m next year, says the IEA in its monthly report. In addition to the big supply number, the IEA also slightly trimmed its world demand estimate - now seeing an increase of 1.1M barrels to 92M barrels per day.
- "If the IEA picture on the supply side is correct, there is a real risk that Brent prices (BNO) will drop below $100 a barrel during 2014," says analyst Hannes Loacker.
- WTI crude -1.3% to $101.64. Brent -0.3% to $111.45.
- Oil ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI.
Thursday, Oct 105:39 AMLibyan PM freed following kidnapping - reports
Thursday, Oct 105:39 AM| 1 Comment
- Libyan Prime Minister Ali Zeidan has reportedly been released after being kidnapped this morning by former rebels.
- Nymex crude oil is +0.2% to $101.84, Brent is +0.4% to $109.50. Both are down from earlier highs.
- ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL
Friday, Sep 273:53 AMKerry holds one-on-one talks with Iranian foreign minister
Friday, Sep 273:53 AM| 1 Comment
- U.S. Secretary of State John Kerry and Iranian Foreign Minister Mohammad Javad Zarif had a private discussion over Iran's nuclear program yesterday at the U.N. in New York in what was the highest-level official meeting between the countries since before the Islamic Revolution in 1979.
- Kerry said the talks, which came after wider negotiations between Iran and major international powers, were "constructive." However, he warned that much work was needed to be done, with the U.S. wanting clear proof that Iran was not developing nuclear weapons before sanctions would be eased.
- Despite the caution, the improved relations helped send oil 0.5% lower to $102.49.
- ETFs: JJE, RJN, DBE, UBN, RGRE, OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL.
Friday, Sep 132:25 AMU.S. stock futures flat-to-lower following Summers report
Friday, Sep 132:25 AM| Comment!
- U.S. stock futures took a bit of a dive earlier - possibly on a knee-jerk reaction to a report that Larry Summers is set to be named the next Fed chief - before recovering a bit.
- Dow -0.1%. S&P -0.15%. Nasdaq flat.
- In contrast, the U.S. dollar index spikes before giving back some gains, and is now +0.2%.
- 10-year Treasury yieds +3.5 bps to 2.94%.
- Gold is -1.1% and crude oil is -0.1%.
- ETFs: IVV, SPY, VOO, RWL, SFLA, SSO, UPRO, SDS, SPXU, SH, EPS, RSP, BXUB, BXUC, BXDB, DIA, DDM, UDOW, DXD, SDOW, DOG, QQQ, QQEW, TQQQ, QID, SQQQ, PSQ, QLD, QQQE OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI
Tuesday, Sep 107:44 AMPullback from Syrian military action hits gold, silver, oil
Tuesday, Sep 107:44 AM| Comment!
- Precious metals and oil slide as the chance of Western military intervention into Syria fades. GLD -1.3%, SLV -2%, USO -1.2%.
- Syria has reportedly accepted a proposal to put its chemical weapons under international control in exchange for no U.S. military strike
- ETFs: GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, SLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO, OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL.
Tuesday, Sep 32:22 PMGold shakes early loss to surge above $1,400
Tuesday, Sep 32:22 PM| 1 Comment
- Renewed beating of the war drums over Syria has helped gold turn a 1% loss into a 1.3% gain, the metal now fetching $1,414 per ounce. GLD +1.5%.
- Other gold ETFs: IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.
- WTI crude has also turned around, now 0.8% higher at $108.51 per barrel. USO +0.7%.
- Other oil ETFs: OIL, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL.
Monday, Sep 26:09 AMOil falls following Obama's decision to consult Congress on Syria
Monday, Sep 26:09 AM| Comment!
- WTI crude oil is -0.65% to $106.95 a barrel, although up from earlier lows, as the prospect of a U.S. military attack on Syria becomes less certain. However, Brent is +0.15% to $114.18.
- Investors should sell Brent if an attack causes futures to rise, Morgan Stanley said.
- "Eroding oil fundamentals already point to a weakening of Brent prices," analyst Adam Longson wrote. "Without significant contagion, we are unlikely to see any real supply disruption related to Syria.
- ETDs - JJE, RJN, DBE, UBN, RGRE, OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL
Tuesday, Aug 277:49 AMOil nears two and a half year high
Tuesday, Aug 277:49 AM| 4 Comments
- Moving along with the precious metals over Syrian tension is crude oil, with both WTI crude (USO) and Brent (BNO) up more than 1.6%. WTI at $107.50 per barrel is threatening to take out levels last seen in the Spring of 2011.
- The greenback is also catching a bid, moderately higher against the euro (FXE), cable (FXB), and the loonie (FXC), but sharply higher vs. the aussie (FXA). The dollar is losing a good bit of ground against the yen (FXY), and off just a bit vs. the Swiss franc (FXF).
- Dollar ETFs: UUP, UUPT, UDN, UDNT.
- Related currency ETFs: FXE, ERO, ULE, URR, EUO, DRR, EUFX, GBB, YCL, YCS, JYN.
- Oil ETFs: OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL.
Wednesday, Aug 1410:44 AMOil futures erase loss after inventory draw|Wednesday, Aug 1410:44 AM| Comment!
Thursday, Jul 112:24 PMCrude 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%). |Thursday, Jul 112:24 PM| 2 Comments
Wednesday, Jul 107:21 AMThis 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. |Wednesday, Jul 107:21 AM| 2 Comments
Friday, Jul 57:31 AM
Tuesday, Jul 210:40 PMWTI crude oil (USO) gains 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%. |Tuesday, Jul 210:40 PM| 7 Comments
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jdub2788:: Yep, liquidation of debt the only risk, and central banks have shown their hands.