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PowerShares DB Crude Oil Long ETN (OLO)

- NYSEARCA
  • Wed, Apr. 8, 3:49 PM
    • Crude oil prices tumbled to their biggest loss in two months after the EIA reported the largest weekly increase in domestic crude supplies since 2001, rising by 10.9M barrels in the week ended Friday.
    • Nymex crude settled $3.56 lower, or 6.6%, to close at $50.42/bbl after gaining ~10% over the previous two days to end Tuesday at its highest level of the year.
    • Adding to the bearish outlook for oil prices, the Saudi oil minister said yesterday that Saudi output would remain near 10M bbl/day after posting a record high of 10.3M bbl/day in March.
    • Stored supplies at the Cushing, Okla., hub rose above 60M barrels for the first time on record; however, demand is expected to rise in the coming months as drivers make more warm weather trips, and refineries typically buy more crude in the late spring to turn into gasoline and other fuels.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 25 Comments
  • Wed, Apr. 8, 10:31 AM
    | 30 Comments
  • Tue, Apr. 7, 7:30 PM
    • Saudi Arabia’s oil minister said today that Saudi crude production will continue near a record ~10M bbl/day, signaling that his country is determined to ride out the price slide without making any output cut.
    • Saudi Arabia is willing to participate in restoring market stability and restoring prices, but it can only do so with participation from major oil producing countries inside and outside OPEC, Ali al-Naimi said; OPEC next meets in June.
    • The Saudis are betting that running its energy sector hard, investing in oil, gas and refining and pushing for new business in troubled times will enable the kingdom to retain its dominance.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 38 Comments
  • Tue, Apr. 7, 4:44 PM
    • U.S. crude oil inventories rose 12.2M barrels last week, according to the API, up from 5.2M barrels the previous and week and against expectations for a 3M barrel gain.
    • The EIA reports its numbers tomorrow morning.
    • WTI crude oil is lower by 0.8% to $53.13 in per barrel in after hours action following about a 3% gain in the regular session to its highest level of 2015.
    • USO -1.2% after hours.
    • Previously: Oil back on the move after brief pause (April 7)
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, UWTI, USL, DWTI, UHN, DNO, SZO, OLO, TWTI, OLEM
    | 34 Comments
  • Tue, Apr. 7, 12:30 PM
    • After spending the overnight session and the early half of the day in the red following yesterday's surge upward, WTI crude oil has tuned sharply higher again in the last few minutes, now ahead 2.45% or $1.27 per barrel to $53.44 - the highest price in a month.
    • Black gold is up more than $6 per barrel since the last week's Iranian deal which theoretically should lead to lifted sanctions and a lot more oil on the market. Go figure.
    • Traders may be getting another tasty selling opportunity, says Goldman, arguing the declining U.S. rig count won't be enough to balance the market next year, and thus expecting prices to stay lower for longer.
    • Coming up after the close is the latest API inventory data, with the EIA releasing its estimate tomorrow morning.
    • USO +3.15%
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, UWTI, USL, DWTI, UHN, DNO, SZO, OLO, TWTI, OLEM
    | 20 Comments
  • Mon, Apr. 6, 2:22 PM
    • Nymex crude oil soars 5.9% to surpass $52/bbl and Brent surges 5.4% to just short of $58 amid rising signs of demand in both the U.S. and Asia
    • Traders say stockpiles at the Cushing, Okla., storage hub barely moved last week, which may have added momentum to bulls who have bet rising demand and other factors would reverse a months-long decline in oil prices.
    • Saudi Arabia moved to boost the price for its oil sales in Asia for the second straight month, a sign that it sees improving demand from the region.
    • Also, traders may be reassessing how quickly Iran could increase exports after the nuclear deal, as initial expectations of a quick recovery in oil exports are tempered by views that it could longer than expected to roll back sanctions.
    • The gains are lifting energy stocks (+2%) to the top of the S&P 500 leader board.
    • ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, XOP, ERY, DIG, BNO, DTO, DBO, DUG, IYE, XES, IEO, IEZ, UWTI, PXE, USL, PXI, FENY, DWTI, PXJ, DNO, RYE, SZO, FXN, OLO, DDG, TWTI, OLEM
    | 31 Comments
  • Mon, Apr. 6, 5:59 AM
    • Hedge funds increased bullish oil bets by the most in four years as negotiators worked to reach a deal over Iran’s nuclear program.
    • Speculators boosted their net-long position in crude by 21% during the seven days ended March 31, CFTC data show, the biggest percentage increase since March 2011. Short positions declined by the most in three months.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 9 Comments
  • Thu, Apr. 2, 7:15 PM
    • Brent crude oil is currently 3.5% lower and West Texas crude drops nearly 2% after Iran reached a framework agreement with six world powers over its nuclear program.
    • Sanctions have cut Iran's oil exports to ~1.1M bbl/day from 2.5M in 2012, and the country is keeping ~30M barrels of crude on a fleet of tankers ready to be shipped when allowed - presumably upon a June 30 conclusion of the details of the nuclear deal - into a market already flooded with supply.
    • Just how quickly Iran could ramp up production is unclear; the oil minister has predicted it could produce 1M bbl/day more “several months” after sanctions are lifted.
    • Opinions on the impact of the new supply cover all ranges, from analysts who see little short-term impact since Iran will need to upgrade its infrastructure because "it's not like you can just flip a switch" to those who say the deal is a "massive blow for the oil price" with crude oil prices falling to $30 or even lower.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 39 Comments
  • Thu, Apr. 2, 2:13 PM
    • Just 11 U.S. oil rigs were idled this week, Baker Hughes (NYSE:BHI) says in its latest survey, signaling that the sharp decline in active drilling units this year is leveling off.
    • The oil rig count fell by the smallest number in 15 weeks to 802, still a 50% retreat since last October.
    • Eleven natural gas rigs were idled and two miscellaneous rigs went to work, bringing the total number of active U.S. rigs down by 20 to 1,028 for its lowest level since October 2009.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 10 Comments
  • Thu, Apr. 2, 11:49 AM
    • In what looks like a deal to reach a deal, negotiators between Iran, the U.S. and five other countries have agreed upon what needs to get done by the end of June in order to declare peace is at hand.
    • Apparently at issue now - as Swiss officials set a news conference for later today - is how much of the detail to disclose to the public.
    • Source: AP
    • Oil remains lower by about 2% on the session. USO -0.85%
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, UWTI, USL, DWTI, UHN, DNO, SZO, OLO, TWTI, OLEM
    | 68 Comments
  • Thu, Apr. 2, 4:49 AM
    • Retreating from big gains the previous session, oil futures are again edging lower at the prospect that a nuclear deal with Iran could increase the country's exports and pressure prices.
    • Tehran's nuclear program will now be discussed by major powers and Iran for a second day past an end-March deadline.
    • Crude futures -0.5% to $49.86/bbl.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 5 Comments
  • Wed, Apr. 1, 5:58 PM
    • Four workers have died and at least 16 others have been injured from an explosion and fire today at an offshore platform operated by Mexico's national oil company Pemex.
    • Pemex says it evacuated ~300 workers from the Abkatun platform in the southern Gulf of Mexico, where most of Pemex’s 2.3M bbl/day of crude oil is produced.
    • Pemex has not provided a reason for the fire, which has yet to be controlled.
    • The company has suffered a number industrial accidents in recent years.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 7 Comments
  • Wed, Apr. 1, 10:31 AM
    | 38 Comments
  • Wed, Apr. 1, 4:04 AM
    • Talks between Iran and six world powers to settle a dispute around Tehran's nuclear program have extended beyond Tuesday's deadline, as the parties came closer to a deal but failed to agree on crucial details such as the lifting of U.N. sanctions.
    • Oil futures are edging lower on the news amid speculation that more Iranian crude could flood into world markets if a last-minute deal is reached.
    • Crude futures -0.8% to $47.23/bbl.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 14 Comments
  • Tue, Mar. 31, 4:43 AM
    • Will it be a yes or a no? Oil is again heading lower as Iran and six world powers try to break an impasse in negotiations aimed at stopping Iran from having the capacity to develop a nuclear bomb, in exchange for an easing of international sanctions.
    • Iran could increase oil production by some 500K bpd in three to six months if sanctions are removed, and by an additional 700K bpd within another year, according to estimates by Facts Global Energy.
    • The deadline to find a preliminary agreement is set to expire tonight.
    • Crude futures -2.3% to $47.55/bbl.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 29 Comments
  • Mon, Mar. 30, 3:44 AM
    • Oil prices are heading south again as traders focus on whether Iran and six world powers will reach a deal that could add more crude to an already oversupplied market if sanctions against Tehran are lifted.
    • Diplomats remain divided over the pace of easing sanctions on the Islamic Republic and the limits to be imposed on its nuclear program, but a deadline to find a preliminary agreement has been set for Tuesday, with a detailed accord coming by the end of June.
    • Crude futures -1.9% to $47.92/bbl.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 22 Comments
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OLO Description
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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