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The United States Oil ETF, LP (USO)

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  • Jun. 12, 2012, 4:42 PM
    Oil doesn’t belong at $83 and won’t stay there for long, MBF's Mark Fisher believes: “Either it goes back to $100 or it drops to $65, but we’re not staying here." Oil's decline largely has been orchestrated by Saudi Arabia, he says, adding that "historically, the first move oil makes out of the OPEC [meeting] is the wrong move"; the bigger move will be in the other direction.
    | 5 Comments
  • Jun. 12, 2012, 8:27 AM
    With OPEC is already pumping oil at levels not seen since 2008, Saudi Arabia Oil Minister Ali Naimi says his country won't ask OPEC to increase production at this week's meeting, apparently contradicting his remarks yesterday.
    | 1 Comment
  • Jun. 12, 2012, 8:11 AM
    Sinopec (SNP) has turned down offers of bargain Iranian crude and will cut imports by up to a fifth this year, Reuters reports, as China sees ties with the U.S. as more important than cut-price oil as the West squeezes Iran over its nuclear program. With just 20 days to go until sanctions effectively cut off tanker insurance, Asian buyers of Iranian crude are still scrambling for ways to keep the oil flowing.
    | Comment!
  • Jun. 11, 2012, 3:42 PM
    Crude slides another dollar near a weekly low (now -2.6% to $82) as Saudi Arabia's oil minister hints at higher production as he arries for OPEC meetings. "That's not what I said... Maybe. Maybe it will be lower." Producers trim gains or head further into red: XOM -0.2%, CVX -0.6%, MRO -1.4%, OXY -1.5%.
    | Comment!
  • Jun. 11, 2012, 3:06 PM
    The U.S. exempts 7 countries - India, South Korea, Malaysia, South Africa, Sri Lanka, Turkey, and Taiwan - from sanctions for buying Iranian oil, according to congressional aides. So who's left that imports oil from Iran? Needless to say, the move should help ease any supply worries. Crude -2.1% to $82.38.
    | 6 Comments
  • Jun. 8, 2012, 3:02 AM
    Crude futures tumble 2.3% to $82.86. Natural gas (-0.9%) and gasoline (-1.3%) aren't looking too hot either. Disappointment from lack of Fed easing hints? Concerns over upcoming China data? Or just a general bearish sell-off?
    | 4 Comments
  • Jun. 7, 2012, 2:13 PM
    It's up to OPEC to prevent a slide in oil prices, says a concerned Christophe de Margerie, Total chairman/CEO. Saudi Arabia has already hiked production ahead of the Iranian embargo, and he doesn't think the cartel will cut output next Thursday. Morgan Stanley disagrees. Nymex crude currently up fractionally to $85.05.
    | 2 Comments
  • Jun. 6, 2012, 4:46 PM
    Saudi Arabia signals it's ready to rein in oil production after starting to scale back shipments and raising the selling price to Asia of its main crude grade. The Saudis have been pumping more than 9.5M bbl/day since June 2011, the longest stretch for at least 11 years, but having achieved their $100/bbl Brent target they'll need to defend it, analysts say.
    | 2 Comments
  • Jun. 6, 2012, 8:41 AM
    OPEC likely will cut production by 1.15 mmb/day at its June 14 meeting, Morgan Stanley says while noting the global crude market is adequately supplied even with a drop in Iranian exports. OPEC output has been at elevated levels of ~32 mmb/day due to increased output from Saudi Arabia, which seeks to balance out reduced supplies as the Iran embargo takes hold.
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  • Jun. 1, 2012, 11:33 AM
    As Brent crude oil dips below $100/bbl - as low as $97.70 intraday - analysts and brokers say the price could fall up to another $25/bbl in the next few weeks if the sour sentiment in broader markets continues. The oil futures market is already oversold, but speculators actively withdrawing bets on higher prices are adding momentum to the fall, Saxo Bank's Ole Hansen says.
    | 2 Comments
  • Jun. 1, 2012, 7:44 AM
    If things continue as is, we may find out this summer if oil  sub-$75/barrel is better for the U.S. economy than DJIA 12K. WTI crude falls another 2.5%, now at $84.42, down $22/barrel in a month and a day and the lowest price since mid-October. One wonders how much longer the Fed will allow the experiment to run.
    | 9 Comments
  • May 31, 2012, 11:34 AM
    As WTI crude continues its protracted descent, now -1.4% to $86.55/bbl, oil is now officially in bear territory, BMO's Sal Guatieri says. Deutsche Bank also joins the sliding sentiment, as "physical fundamentals are also weakening with crude oil inventories on the rise." How low can oil go? "Following the 2008 credit crisis and global downturn, it bottomed at $31,” Guatieri recalls.
    | 12 Comments
  • May 30, 2012, 11:22 AM
    Crude oil will fall below $80 in June, with tropical storms and hurricanes the only potential catalysts that could send prices higher, ValuEngine.com's Richard Suttmeier says. If he's right, $79 crude would not only mark a seven-month low but also complete a 30% plunge from February's $110 top.
    | 2 Comments
  • May 29, 2012, 3:12 PM
    Equity markets are discounting oil prices as low as $70/bbl, which has sent share prices of some E&P companies well below the net asset value of their oil reserves. But Will Riley says this "valuation gap" has created opportunities for investors; the consensus is that oil prices will trend higher in the long run, and there are lots of "good stories" in east Africa's exploration potential.
    | 1 Comment
  • May 24, 2012, 9:43 AM
    An increasing number of forecasters in Reuters' monthly survey expect Brent crude to average less than $100/bbl next year thanks to Europe’s debt crisis, slowing Chinese economic growth and a possible resolution of the Iranian nuclear crisis. Macroeconomic risk from Europe will need to fade before crude oil market fundamentals dominate pricing again, says one.
    | 3 Comments
  • May 23, 2012, 12:18 PM
    WTI crude dips below $90/barrel for the first time since October, now off a 2008-like 15% during the month of May. USO -1.5% for the day, -10.9% YTD.
    | 7 Comments
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USO Description
The United States Oil Fund, LP ("USO") is a domestic exchange traded security designed to track the movements of light, sweet crude oil ("West Texas Intermediate").
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