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PowerShares DB Crude Oil Long ETN (OLO)

- NYSEARCA
  • Mon, Aug. 24, 3:43 PM
    • West Texas crude settled below $39/bbl, tumbling $2.21, or 5.5%, to $38.24 and the lowest level for a most-active contract since February 2009, while Brent crude sank $2.77, or 6.1%, to $42.69 in London, dropping below $43 for the first time since March 2009.
    • Concerns over China have become the main driver of oil prices in recent weeks, but "from a pure demand perspective, the China risk is pretty much priced in,” says senior International Energy Agency oil analyst Matt Parry, adding that his "doomsday scenario... is much weaker emerging market growth worldwide."
    • Also today, Genscape said crude oil supplies in Cushing, Okla., fell slightly last week but rose in the second half of the week; concerns have been growing that supplies at Cushing could rise to a new record this fall as refineries buy less crude while performing seasonal maintenance, which likely would further weigh on U.S. oil prices.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, DIG, DTO, DUG, BGR, USL, IYE, IEO, DNO, FENY, PXE, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Mon, Aug. 24, 3:43 PM | 7 Comments
  • Mon, Aug. 24, 5:00 AM
    • Oil prices are moving lower again as concerns over demand in China increase to a new level amid a fresh stock market rout.
    • Analysts warn prices could fall further with OPEC producers continuing to pour out more oil than needed.
    • Brent crude oil is below $45 per barrel and WTI crude oil is down 3.6% to $38.98/bbl.
    • Related ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM.
    | Mon, Aug. 24, 5:00 AM | 44 Comments
  • Fri, Aug. 21, 1:31 PM
    • WTI crude dips below $40 for the first time since 2009 on major concerns over demand from China and a Baker Hughes report indicating producers increased their rig count for the 5th straight week.
    • WTI crude traded as low as $39.86.
    • Oil majors are down slightly more than broad market averages on the day. Notable decliners include Exxon Mobil (NYSE:XOM) -1.4%, Chevron (NYSE:CVX) -2.5%, Royal Dutch Shell (NYSE:RDS.A) -2.7%, Phillips 66 (NYSE:PSX) -4.5%, and ConocoPhillips -2.1%.
    • Related ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Aug. 21, 1:31 PM | 190 Comments
  • Fri, Aug. 21, 4:20 AM
    • It still hasn't hit the $30s, but WTI crude is heading for its eighth straight weekly decline, the longest weekly losing streak in about thirty years.
    • In late 1985, oil prices slumped to $10 from around $30 over five months, after OPEC raised output to counter an increase in production outside the group.
    • Weaker global stock markets and data from China's factory slowdown are particularly weighing on the commodity today, adding to worries about lower demand.
    • Crude futures -0.9% to $40.96/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Aug. 21, 4:20 AM | 40 Comments
  • Thu, Aug. 20, 5:09 AM
    • Oil prices are continuing to collapse, and the bottom remains elusive because not one of the world's largest producers is showing any signs of blinking.
    • WTI crude slumped over 4% on Wednesday on data showing an unexpected U.S. supply build of 2.6M barrels, sending prices to levels not seen since early 2009.
    • Oil futures now look set to fall into the $30s per barrel, a low range many analysts did not see coming.
    • Crude futures -1.3% to $40.29/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Thu, Aug. 20, 5:09 AM | 75 Comments
  • Wed, Aug. 19, 10:31 AM
    | Wed, Aug. 19, 10:31 AM | 86 Comments
  • Tue, Aug. 18, 5:12 AM
    • Both crude oil benchmarks are now almost a third below their last peak in May as traders brace for lower refinery consumption after the summer, while weak global demand and high production fuel concerns about oversupply.
    • Data also shows speculators have taken huge bets on further falls and hedge funds have cut their net long holdings of Brent for a fourth straight week.
    • Brent crude is trading down 0.6% at $48.45 a barrel, while WTI is 0.8% lower at $41.55/bbl.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, Aug. 18, 5:12 AM | 32 Comments
  • Mon, Aug. 17, 2:59 PM
    | Mon, Aug. 17, 2:59 PM | 66 Comments
  • Fri, Aug. 14, 5:08 PM
    • Refineries running full throttle likely have delayed making much-needed repairs, and the strain is starting to show, as evidenced by a spate of refinery shutdowns across the U.S.
    • The recent shutdown of the BP plant in Whiting, Ind., the largest refinery in the Midwest, is just the latest example of unplanned outages that have plagued U.S. refineries this year, including at Exxon's (NYSE:XOM) refinery in Torrance, Calif., Marathon Petroleum's (NYSE:MPC) refinery in Robinson, Ill., and Shell's (RDS.A, RDS.B) Deer Park jet/diesel unit.
    • When summer driving season ends and refiners prepare to shut down for routine fall maintenance, RBN analyst Sandy Fielden says more capacity may go offline this year than usual as refiners catch up on repairs that were put on the back burner while plants ran at a breakneck pace.
    • The expected heavier turnaround season is bad news for oil prices, Fielden says: With several refineries shutting down for weeks at a time, crude stockpiles will start growing again in the fall since the oil has nowhere to go, with inventories at the Cushing, Okla., hub possibly reaching record levels.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Aug. 14, 5:08 PM | 106 Comments
  • Fri, Aug. 14, 2:57 PM
    • Citigroup cuts its base case price outlook for 2015 and 2016 crude oil prices, in a scenario that suggests West Texas crude could fall to $39/bbl by the end of this year.
    • "Huge crude and product inventories are likely to bloat further during refinery maintenance season and expected production growth out of Iran and Iraq should exacerbate this further," Citi analysts say.
    • The bank lowers its 2015 and 2016 WTI price forecasts to $48/bbl from its prior view of $53 and $56, respectively, and sees Brent crude at $54 for 2015 and $53 in 2016 from a respective $58 and $63.
    • The recent bounce in prices was premature and delayed the market’s supply and demand pivot point, Citi says, and "prices likely need to stay lower for longer, particularly in the face of structural change in oil markets that is still underway... It is now clear that neither a V- nor a U-shaped oil price recovery is in order, [as] geopolitics are putting a heavy ceiling on prices."
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Aug. 14, 2:57 PM | 26 Comments
  • Fri, Aug. 14, 2:27 PM
    • The U.S. oil drilling rig count rose for a fourth straight week, inching up by two from the previous week to bring the total to 672, according to the latest weekly survey from Baker Hughes.
    • However, the overall U.S. rig count remained unchanged at 884, as gas-directed rigs fell two units to 211.
    • The number of oil rigs have climbed from a low of 628 in late June, ending several months of steep declines, but the count is still down by 917 from 1,589 a year ago.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Aug. 14, 2:27 PM | 20 Comments
  • Fri, Aug. 14, 5:48 AM
    • Crude prices have returned to more-than six-year lows as huge stockpiles and refinery shutdowns add to concerns about oversupply, while China's devalued yuan puts pressure on commodity markets.
    • Oil futures slid earlier to $41.35 a barrel, a level last seen on March 4, 2009, but are now trading down 0.6% at $41.97/bbl.
    • Later today, Baker Hughes will publish the latest U.S. oil drilling rig count, which many see as a proxy for activity in the booming shale industry.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Fri, Aug. 14, 5:48 AM | 96 Comments
  • Thu, Aug. 13, 3:15 PM
    • Nymex crude oil futures for September delivery settled at their lowest price since March 2009, falling $1.07 (-2.5%) to $42.23/bbl, after braking below the widely watched March 2015 multi-year low of $42.03; Brent crude oil was down $0.60 at $49.60.
    • Analysts say macroeconomic factors including a strengthening dollar, falling stock markets and continued concerns about growth in China - a key driver of oil demand growth - weighed on prices.
    • Losses deepened this morning after Cushing, Okla., stockpiles reportedly rose more than 1.3M during the week to Aug. 11, adding to fears that the outage at BP's 413K bbl/day Whiting, Ind., refinery would cause stocks of surplus crude to swell; if confirmed, it would be the biggest Cushing build since March.
    • Energy stocks badly lag the broader market, with the XLE -1.3% vs. the S&P +0.2%.
    • Earlier: Oil takes out new bear market low
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, DIG, DTO, DUG, BGR, USL, IYE, IEO, DNO, FENY, PXE, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Thu, Aug. 13, 3:15 PM | 46 Comments
  • Thu, Aug. 13, 10:27 AM
    • In the green earlier as global markets took a breather from a deflationary scare, crude oil has turned sharply lower, now down 2.2% to $42.33 per barrel.
    • USO -2.5%
    • Black gold had bottomed in mid-March at about $43, but bounced and held back above $60 from May through the end of June, from where the bear market restarted.
    • Unsurprisingly, the energy sector is leading stocks lower today, the XLE off 1% versus the S&P 500 down 0.3%.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, OLEM
    | Thu, Aug. 13, 10:27 AM | 54 Comments
  • Wed, Aug. 12, 10:31 AM
    | Wed, Aug. 12, 10:31 AM | 16 Comments
  • Wed, Aug. 12, 4:44 AM
    • The global oil glut will last through next year as surging demand and faltering supply growth fail to clear the surplus, the International Energy Agency warned in its widely followed monthly report.
    • "While a rebalancing has clearly begun, the process is likely to be prolonged," the agency declared, stating that stockpiles won't be diminished until Q4 of 2016 or later if sanctions on Iranian crude are lifted.
    • Crude prices are slightly higher at $43.17/bbl, after plunging to six-year lows on Tuesday.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, OLEM
    | Wed, Aug. 12, 4:44 AM | 20 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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