Major oil producers in the OPEC+ group announced a surprise addition to production cuts Sunday.
Saudi Arabia, the top producer in the group that includes Russia, will cut 500K barrels per day. The total new cuts are about 1.16 bpd, bringing total cuts including the previous 2M bpd to about 3.66M, according to data from Reuters.
Russia reportedly made a cut of 500K bpd until the end of this year.
IN Deed..NEWS u can use
.Kazakhstan has delayed the startup of crude oil exports from its giant Tengiz oilfield by way of the Baku-Tbilisi-Ceyhan pipeline, four sources told Reuters on Friday.
Kazakhstan energy company Kazmunaigaz (KMG) has pushed back the restart of crude oil exports from the giant Tengiz oilfield after BP declared force majeure on crude oil loadings from the Ceyhan port.
"Force majeure was declared in Ceyhan, and (Tengiz) crude supplies to BTC were put on hold," a market source told Reuters.
$USO price cools, but the management group continues collecting huge fees on $USO and about 11 other commodity funds, the management group is part of a diversified holding company.
$USO U.S. oil futures log first weekly losses in 8 weeks
$USO WTI Crude Oil (Nymex)
USD/bbl. $108.54 -15.16
Brent Crude (ICE)
USD/bbl. $111.68 -16.30
Historically, Crude oil reached an all time high of 147.27 in July of 2008.
Didn't you get the memo? Cycle end!
Didn't you notice them big block sales in almost every stock like in 08?
Crude ETFs Continue to Climb on Increased Output
"Crude oil and crude ETFs are climbing to fresh highs after the Memorial Day weekend, as some of the world’s most notorious oil producers elected to continue to gradually lift production cuts amid climbing oil prices."
USO exceeds 52-week high in NAV and share price
USO's fund group USCF creates Midstream Energy Fund
Green Green Green $$$$$$$
41 realistically.... it continues to climb beautifully though
How high do you think this will close?
Probably because other people are trading against your premium
Keeps climbing up up up $$$$$
USO is $$$$$$$$$$$
$$$$$$$$$$$$$$$ my friend!!!!
Can anyone explain why the pre-reverse-split options are trading below intrinsic value? For example, I have Jan15 $3 calls ($24 strike after the 8-1 RS) that have $9.05 intrinsic value at $33.05 PPS ($1.13 split adjusted value) but only trading for $1.03 or so.
EU and now US shutdowns to weigh on oil
(Reuters) - Renewed restrictions in Europe and the United States to combat the coronavirus have slowed the pace of fuel demand recovery, offsetting a rebound in Asian economies where consumption has almost returned to pre-COVID levels.
Europe shutting down as COVID surges
Paris, Madrid, London now shutdown, and more to come.
In US cases are starting to surge rapidly and outlook for oil demand as supply increases looks bearish for USO going into winter.
Short oil as covid surges