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PowerShares DB Crude Oil Long ETN (OLO)

- NYSEARCA
  • Tue, Jan. 20, 4:22 AM
    • "Iran has no plan (to hold an emergency OPEC meeting) and is currently in consultations with other OPEC member states in a bid to prevent the sharp fall in the oil price, but these consultations have yet to bear fruit," said Oil Minister Bijan Zanganeh on the Iranian oil ministry's website SHANA.
    • "Iran is strong enough to withstand a deeper slump in prices even if the country must sell at $25 a barrel," he added.
    • Brent is 1% lower at $48.36/bbl, while WTI is down 3.1% at $47.18.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 22 Comments
  • Mon, Jan. 19, 5:13 AM
    • Oil prices are beginning the week again in negative territory, after breaking a seven-week losing streak last week following comments made by the International Energy Agency.
    • On Friday, the energy watchdog lowered its 2015 forecast for non-OPEC supply growth, saying that "signs are mounting that the tide will turn."
    • Brent crude is once again below the $50 mark, down 1.3%. WTI is 1.4% lower at $47.99.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 13 Comments
  • Fri, Jan. 16, 3:32 PM
    • A volatile week saw WTI crude oil (NYSEARCA:USO) as low as $44 per barrel, as high as $52, and ultimately ending right near where it opened on Sunday night at just over $48.
    • Saying the "tide will turn," the IEA earlier today cut its forecast for non-OPEC production, and HSBC is beginning to see early signs of "market rebalancing" - code for production cutbacks.
    • Don't expect a V-shaped recovery warns HSBC for four reasons: 1) They believe it when the Saudis promise no production cuts 2) Oil is quoted in the still-strong dollar 3) While not weak, oil demand isn't very strong either 4) What non-OPEC production cuts we have seen aren't enough.
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, UWTI, USL, DWTI, UHN, DNO, SZO, OLO, TWTI, OLEM
    | 4 Comments
  • Fri, Jan. 16, 2:27 PM
    • The U.S. drilling rig count plunged 74 units, all on land, to settle at 1,676 rigs working in the latest week for the lowest total since Oct. 2010, Baker Hughes (NYSE:BHI) says in its weekly report.
    • The count has now fallen for seven straight weeks as it has lost 244 units, and the U.S. now has 101 fewer rigs than during the same week a year ago.
    • Most of the losses came in Texas, where the count fell 44 units to 766 to bring the state’s total to its lowest since Mar. 2011; North Dakota gave up just six units to 156.
    • Canada added 74 rigs, but still has 125 fewer rigs compared with this week a year ago.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 12 Comments
  • Fri, Jan. 16, 4:34 AM
    • Non-OPEC oil producers will increase output this year at a slower rate than previously forecast, aiding a recovery in crude prices and "rebalancing" the currently over-supplied global markets in the second half of 2015, announced the International Energy Agency.
    • Lowering its non-OPEC supply growth estimate by 350K barrels per day, the IEA says non-OPEC supply will only increase by 950K bpd this year to 57.5M/day.
    • Brent crude +1.1% to $48.80, WTI +1.3% to $46.85.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 11 Comments
  • Thu, Jan. 15, 3:02 PM
    • Hanging around $45 per barrel yesterday afternoon, WTI crude oil soared higher to close the session and continued the rally today -touching nearly $52 earlier this morning. A steep selloff since, however, leaves it lower by 4% on the session at $46.35 ... Just a run-of-the-mill 12% intraday move.
    • USO -3.7%
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, UWTI, USL, DWTI, UHN, DNO, SZO, OLO, TWTI, OLEM
    | 3 Comments
  • Thu, Jan. 15, 10:25 AM
    • North Dakota oil production rose to a new record even as energy companies drilled fewer wells and the rig count dropped to a near five-year low.
    • The state's oil output hit a record 1.19M bbl/day in November, the most recent month available, according to data released yesterday by North Dakota’s Department of Mineral Resources.
    • Despite the new record, the head of the department warned the state’s crude production will peak and decline later this year if oil prices don’t rebound; the current price of North Dakota sweet crude is ~$29.25/bbl, the lowest since Dec. 2008.
    • The latest drilling rig count is 158, the lowest in nearly five years and down from a high of 218 rigs in 2012, but the department says production may not start to drop until the rig count falls to 130 or lower.
    • Gregor McDonald argues that the North Dakota data confirming that Bakken drilling activity has slowed meaningfully has sparked the snapback rally in crude oil prices.
    • Top Bakken producers: CLR, EOG, WLL, HES, XOM, OAS, NOG, EOX, MRO
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 14 Comments
  • Thu, Jan. 15, 5:38 AM
    • Brent crude is trading lower than WTI for the second time this week, after a similar drop on Tuesday, when the gap between the two benchmarks came to a close for the first time since July 2013.
    • Brent is now 3% lower at $47.21/bbl, while WTI is down 1.9% at $47.54.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 2 Comments
  • Thu, Jan. 15, 2:09 AM
    • The spread between Brent crude and WTI is narrowing again due to WTI's growing pipeline capacity, a reduced need for foreign crude in the U.S. and Brent being tied to an oversupplied European market.
    • Marking a significant milestone in oil trade, WTI briefly traded higher than Brent crude on Tuesday, erasing the gap between the two benchmarks for the first time since July 2013.
    • Brent is now 1% lower at $48.15/bbl, WTI is down 0.7% at $48.20.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 6 Comments
  • Wed, Jan. 14, 3:07 PM
    • A $3 move higher in the last hour has WTI crude oil ahead by almost 6% on the session and above $48 per barrel. There's no particular news behind the move, just a heavily oversold asset burning a few greedy shorts.
    • Earlier, the EIA reported an unexpected big increase in crude inventories. When the bears couldn't take oil any lower on the news, it likely rang a bell to start buying.
    • Previously: EIA Petroleum Inventories (Jan. 14)
    • USO +3.6%
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, UWTI, USL, DWTI, UHN, DNO, SZO, OLO, TWTI, OLEM
    | 39 Comments
  • Wed, Jan. 14, 11:13 AM
    | 31 Comments
  • Wed, Jan. 14, 4:31 AM
    • World shares are on the decline today, as commodity prices dropped and falling oil prices continued to weigh on global equity markets.
    • The World Bank yesterday cut its forecast for global growth this year amid worsening prospects in Europe and China.
    • Oil is now down for a fourth day - Brent crude is 1.6% lower at $45.86/bbl and WTI is down 1.6% at $45.16.
    • FTSE 100 -1.6; DAX -0.9; CAC 40 -1.1; Euro Stoxx 50 -0.9.
    • Nikkei closed down 1.7%; Shanghai and Hang Seng closed down 0.4%.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 3 Comments
  • Tue, Jan. 13, 4:31 AM
    • Brent crude and WTI continued their headlong plunge today, hitting record six-year lows, as an oil minister from OPEC reiterated that the group would not change its production strategy.
    • The United Arab Emirates will continue to expand output, while shale drillers will probably be the first to curb production as prices fall, said Energy Minister Suhail Al Mazrouei.
    • Brent crude is down 3.3% at $45.86, while WTI passed the key $45, plunging 3.1% to $44.66.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 16 Comments
  • Mon, Jan. 12, 8:18 AM
    • Brent crude plunges below $50/bbl after Goldman Sachs slashes its three-month forecasts for Brent to $42/bbl from $80/bbl and for WTI to $41/bbl from $70, while also cutting its full-year Brent forecast to $50.40 from $83.75 and U.S. crude to $47.15 from $73.75.
    • Brent now trades at ~$48.50/bbl, -3.3%, while WTI futures -3.2% to dip below $47.
    • Goldman believes the oil market could remain in a deep contango for about a year without hitting any significant storage constraints; the firm notes a shift in how quickly capital now translates into increased shale production, meaning that crude needs to stay low for a long time to bring about price recovery.
    • Société Générale also cuts its Brent price forecast by $15 to average $55/bbl in 2015 and for WTI crude by $14 to $51/bbl, due to the buildup in oil storage and inventories.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 15 Comments
  • Sun, Jan. 11, 10:00 AM
    • With Venezuela's Nicolas Maduro by his side, Iran's Hassan Rouhani urged OPEC members to "neutralize schemes by some powers against OPEC and help stabilize an acceptable oil price in 2015."
    • Heavily relying on high prices to drive their economies, the current plunge in oil has placed a severe strain on the two countries.
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | 34 Comments
  • Fri, Jan. 9, 3:48 PM
    | 6 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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