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The United States Gasoline ETF, LP (UGA)

- NYSEARCA
  • Oct. 16, 2014, 7:25 AM
    | 7 Comments
  • Oct. 14, 2014, 2:43 PM
    • In a bear market any news will do, and IEA earlier slashed its outlook for oil demand - with expected growth in 2015 now about 300K barrels per day less than previously estimated.
    • WTI crude (NYSEARCA:USO) is down 4.2% to $82.25 per barrel, the weakest print since late-June 2012. As the country moves into heating season, heating oil (NYSEARCA:UHN) - down 3.3% today to $2.47 per gallon - is also at its lowest since the early summer of 2012. The U.S. Gasoline Fund (UGA -3%).
    • Carving out a moderate advance, the major averages are getting no help from the energy sector (XLE -0.5%).
    • ETFs: XLE, ERX, VDE, OIH, ERY, DIG, DUG, IYE, PXJ, FENY, RYE, FXN, DDG
    | 16 Comments
  • Oct. 13, 2014, 12:38 PM
    • Calling a bottom is a fool's game and macro conditions continue to weigh, but oil - down another 1.15% today to $84.84 per barrel - is looking good on a risk-reward basis, say analysts Adam Longson and Elizabeth Volynsky.
    • "While fundamentals have been poor through much of the summer and fall, much of the last leg of downside has simply been a result of financial flows, sentiment and macro fears. Physical markets are strengthening, with more improvement ahead."
    • The team says analysts are too concerned with demand for gasoline and heating oil and thus missing the big picture of a strong long-term demand for crude. There's no sign, they say, of a sharp decline in demand outside of Europe, Japan, and Mexico (i.e. the U.S. and China are still gobbling it up).
    • “From a crude standpoint, OPEC is right to expect a material improvement in demand."
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, CRUD, USL, UWTI, UHN, DNO, DWTI, SZO, OLO, OLEM, TWTI
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  • Oct. 8, 2014, 9:17 AM
    • The path of least resistance for crude oil remains down, and the selling continues following yesterday's losses amid plunging stocks,  lowered growth forecasts from the IMF, and the EIA cutting its oil consumption estimates for this year and next.
    • One month ago, the EIA called for international consumption of 91.55M barrels/day in 2014 and 92.89M in 2015. The latest forecast says 91.47M and 92.71M, respectively.
    • In other news, oil coming from the Bakken Shale boom might have another large customer as companies are plowing ahead with rail depots in California which will allow that state's refiners to take advantage of cheaper U.S. supplies.
    • WTI crude is lower by 1.2% to $87.67 per barrel.
    • USO -1.4% premarket
    • Ahead is the EIA inventory report at 10:30 ET.
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, CRUD, USL, UWTI, UHN, DNO, DWTI, SZO, OLO, OLEM, TWTI
    | Comment!
  • Oct. 2, 2014, 6:37 PM
    • Ethanol futures plunged 28% in September as falling domestic demand left U.S. producers with the largest inventories since March 2013, sending stock prices for some ethanol makers reeling recently following big gains earlier in the year; shares of Green Plains (NASDAQ:GPRE), one of the biggest U.S. producers, slid 16% in September, while Pacific Ethanol (NASDAQ:PEIX) plunged 40%.
    • Ethanol prices have fallen for much of this year because the price of corn plummeted due to a record crop last year and expectations for an even larger one this year; industry margins fell to ~$0.22/gal. in late September, down from an all-time high of $2.04/gal. in April, but "ethanol margins have largely bottomed out for the short term and will likely rebound in the next three to six months due to exports," says Citi analyst Aakash Doshi.
    • Producers are cutting output, with U.S. ethanol production falling to a six-month low of 881K bbl/day in the week ended Sept. 26 EIA says; transportation snags this winter also could send prices climbing again.
    • ETFs: CORN, PBW, UGA, QCLN, PUW, FUE, HECO
    | 5 Comments
  • Oct. 1, 2014, 3:26 PM
    • U.S. refineries lowered the crude oil they processed by the most in eight months, to 16M bbl/day and down 3.8% from the previous week, as plants began normal seasonal maintenance.
    • Plants typically schedule maintenance in September and October when units move from maximizing gasoline output to producing winter fuels.
    • Examples: Maintenance has begun at Total’s (NYSE:TOT) 225K bbl/day Port Arthur, Tex., refinery, Phillips 66’s (NYSE:PSX) Lake Charles refinery is conducting planned maintenance, and Motiva Enterprises' Norco, La., refinery began planned work this week.
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, OLEM
    | 1 Comment
  • Sep. 30, 2014, 12:07 PM
    | 10 Comments
  • Sep. 25, 2014, 7:22 PM
    • Up to 30 states could have an average gasoline price of less than $3/gallon by the end of the year, analysts say, as typically declining autumn pump prices are being pulled even lower this year by falling global oil prices.
    • The average in Springfield, Mo., already is below $3, and oil analyst Tom Kloza believes "there will be more, many more" - but not in high-priced states such as California and New York, which likely will keep the overall U.S. average above $3.
    • Falling pump prices have been temporarily halted, as wholesale gasoline prices are rising as refineries in eastern Canada and Texas have been forced to shut units for unplanned repairs at a time when other plants are conducting seasonal maintenance.
    • But prices should be headed back down sometime in October, and gasoline had a head start this year as prices entered September at their lowest level for the beginning of the month in four years.
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM
    | 5 Comments
  • Sep. 10, 2014, 3:28 PM
    • Energy stocks, especially refiners, are taking a beating following the latest EIA inventory report that said gasoline stockpiles rose by 2.4M barrels last week, helping send U.S. crude oil futures to 16-month lows (-1.2% to $91.61/bbl) and Brent crude to 17-month lows (-1.1% to $98.02).
    • The report is bearish given the large increases in refined product inventories; "even though the crude drawdown was close to expectations, it seemed to disappoint," Again Capital's John Kilduff says.
    • The EIA report followed the agency’s updated demand growth report issued yesterday and this morning’s release of OPEC’s report on the oil market; both see lower demand growth this year and next.
    • Oil majors are mostly lower: XOM -0.6%, CVX -1.4%, COP -0.3%, but BP (+2.9%) and RDS.A (+1%) are higher.
    • Refiners are hit hard: VLO -3.6%, PSX -1.5%, MPC -1.9%, HFC -2.5%, TSO -2.9%, WNR -4.1%, CVI -1.6%, ALJ -1.8%, PBF -3.5%, DK -1.8%, CLMT -1.8%.
    • ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, XOP, DIG, BNO, UGA, DTO, DBO, DUG, IYE, IEO, CRUD, PXE, USL, PXI, PXJ, DBE, FENY, UWTI, DWTI, DNO, RJN, RYE, FXN, SZO, OLO, JJE, DDG, ONG, RGRE, OLEM, TWTI, UBN
    | 32 Comments
  • Aug. 28, 2014, 5:27 PM
    • Last night's fire at BP's 405K bbl/day Whiting refinery, the largest plant in the Chicago area, nearly doubled the premium for gasoline today on speculation that supplies will shrink.
    • Spot gasoline in the Chicago region was $0.12/gal. above October futures on the Nymex, up from a $0.725 premium yesterday, while ultra low sulfur diesel rose by $0.275 to a $0.03 discount to Nymex futures and jet fuel jumped $0.65 to a $0.14 premium.
    • The extent of the damage at BP's 105K bbl/day hydrotreater is not immediately clear, analysts are saying.
    • ETF: UGA
    | 6 Comments
  • Aug. 18, 2014, 12:01 PM
    • Crude rallied hard into the close on Friday, perhaps over worry of some geopolitical blow-up over the weekend, but - with no blow-up forthcoming - it's resumed its slide, off 1.4% to $96.04 per barrel - right around the lowest since late January.
    • "The world has changed," says energy market analyst Daniel Dicker, noting conflicts in Russia/Ukraine, Iraq, and Syria, along with destabilization in Libya and Egypt - had they happened a few years back - would have sent prices soaring. What's different today, he says, is the exit from trading by the large investment banks. "This has taken an enormous amount of speculative steam out of the oil trade."
    • USO -1.2%
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, CRUD, USL, UHN, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | 9 Comments
  • Aug. 12, 2014, 9:04 AM
    • “Despite armed conflict in Libya, Iraq and Ukraine, the oil market today looks better supplied than expected, with an oil glut even reported in the Atlantic basin," says the International Energy Agency in its monthly report.
    • Alongside the bearish supply outlook, the IEA cut its global demand forecast for this year by 180K barrels per day to 1M. Demand is expected to rise to 1.3M barrels per day next year.
    • WTI crude is down 0.9% to $97.19, its lowest price since February. USO -0.6% premarket
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, CRUD, USL, UHN, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI
    | Comment!
  • Jul. 5, 2014, 8:25 AM
    • The U.S. became the world’s largest natural gas producer four years ago, and now it is the world's top producer of crude oil, surpassing all other countries with output exceeding 11M bbl/day in Q1, according to a new report issued today by Bank of America.
    • Partly as a result of the shale boom, West Texas futures are at a ~$7/bbl discount to their Brent European counterpart, but it hasn’t made the expected impact on pump prices: “Typically such a large energy supply growth should bring prices lower, but in fact we’re not seeing that because the whole geopolitical situation outside the U.S. is dreadful," says BofA’s head of commodities research.
    • Drivers on the road for the Fourth of July weekend are facing the highest gasoline prices since 2008, despite the fact that U.S. oil production is its highest since 1986 and gasoline is well supplied across the country.
    • ETFs: UNG, USO, OIL, DGAZ, UGAZ, UCO, BOIL, SCO, GAZ, UGA, BNO, DTO, DBO, KOLD, UNL, CRUD, NAGS, USL, DBE, UWTI, RJN, DNO, DWTI, SZO, DCNG, OLO, JJE, ONG, RGRE, OLEM, TWTI, UBN
    | 50 Comments
  • May 29, 2014, 11:54 AM
    • A larger-than-expected boost in crude oil supplies - up 1.7M barrels last week vs. expectations of just 480K - isn't putting a dent in prices which march a bit higher, the July WTI contract now up 0.7% at $103.40 per barrel.
    • Gasoline (UGA +0.4%) stockpiles, however, showed a sizable drop of 1.8M barrels vs. expectations for a gain of 280K. Distillates (UHN) fell 200K barrels vs. expectations for a 750K gain.
    • Previously: EIA Petroleum Inventories
    • Crude oil ETFs: USO, OIL, UCO, SCO, DTO, BNO, DBO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, OLEM
    | Comment!
  • Jan. 28, 2014, 4:59 PM
    • Big oil's (XOM) push to export U.S. oil overseas is facing a new obstacle: falling gasoline prices.
    • A flood of new oil from Texas to the Great Plains has swamped refineries, driving down pump prices 10% since March while global oil prices have hovered at ~$107/bbl; it suggests the world crude market is having waning influence on U.S. gasoline, which instead is beginning to track lower-priced domestic oil.
    • As cheaper oil translates to cheaper gasoline, the likes of Exxon (XOM) and Conoco (COP) will have a tougher time convincing U.S. lawmakers that ending export restrictions would benefit the country, says RBN Energy's Sandy Fielden, since "the most obvious thing that’s going to happen [given more exports] is that crude prices will go up and so will gasoline."
    • Lifting strict export limits would halt the decline in U.S. crude prices while costing motorists as much as $10B/year in higher fuel prices, according to Barclays.
    • ETFs: USO, OIL, UCO, SCO, UGA, DBO, DTO, CRUD, USL, DNO, UWTI, SZO, DWTI, OLO, OLEM, TWTI.
    | 15 Comments
  • Jan. 8, 2014, 2:45 PM
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UGA Description
The United States Gasoline Fund LP (UGA) is an exchange traded security that is designed to track in percentage terms the movements of gasoline prices.
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