United States Brent Oil Fund (NYSEARCA:BNO) Trading Down 5.4% – Here’s Why

United States Brent Oil Fund LP (NYSEARCA:BNO)’s share price was down 5.4% during mid-day trading on Tuesday . The stock traded as low as $44.50 and last traded at $45.23. 2,970,762 shares changed hands during trading, a decline of 22% from the average session volume of 3,826,133 shares. The stock had previously closed at $47.83.

Key United States Brent Oil Fund News

Here are the key news stories impacting United States Brent Oil Fund this week:

• Positive Sentiment: Persistent Middle East supply risks and uncertainty over a potential U.S.-Iran agreement continue to provide a floor for crude prices. Goldman Sachs expects Brent to remain in an $80–$90-per-barrel range until either a nuclear deal or a major escalation occurs. Goldman sees Brent at $80-$90 until US-Iran deal or major escalation
• Neutral Sentiment: Oil markets remain highly sensitive to competing forces, including OPEC+’s planned September output increase, ongoing Middle East disruptions and upcoming U.S. economic data. These factors could either offset or reinforce the latest selloff. Natural Gas and Oil Forecast: OPEC Output Increase Meets Persistent Middle East Supply Risks
• Neutral Sentiment: Japan’s strategic crude reserves increased to the equivalent of 202 days of consumption as the country secured alternative supplies, suggesting some buyers are improving resilience against further disruptions. Japan’s strategic oil reserves rise by 3 days of consumption in July
• Negative Sentiment: Oil and energy stocks declined as reports indicated that negotiations could lead to the reopening of the Strait of Hormuz. Reopened shipping lanes would reduce the immediate supply-risk premium embedded in Brent prices, pressuring BNO. Oil Prices and Energy Stocks Sink on Expectations of a Deal to Open the Strait of Hormuz
• Negative Sentiment: Crude prices fell sharply after the U.S. administration postponed further action against Iran and pursued a possible nuclear agreement, raising the prospect of restored Middle East supply flows and weaker disruption premiums. Oil tumbles as Trump cancels attack on Iran to reach nuclear deal

United States Brent Oil Fund Stock Down 5.2%

The business has a 50 day moving average of $46.94 and a 200-day moving average of $45.10.

Institutional Trading of United States Brent Oil Fund

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ball & Co Wealth Management Inc. acquired a new position in United States Brent Oil Fund in the 1st quarter valued at about $56,000. Kestra Advisory Services LLC acquired a new stake in shares of United States Brent Oil Fund during the 4th quarter worth about $149,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of United States Brent Oil Fund by 60.7% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 6,654 shares of the company’s stock worth $194,000 after buying an additional 2,514 shares in the last quarter. Midwest Trust Co purchased a new stake in shares of United States Brent Oil Fund during the first quarter worth about $216,000. Finally, Chemistry Wealth Management LLC acquired a new position in shares of United States Brent Oil Fund in the second quarter valued at approximately $257,000.

United States Brent Oil Fund Company Profile

The United States Brent Oil Fund, LP (BNO) is an exchange-traded fund that is based on the Front Month Brent Crude Oil index. The fund tracks the Brent oil spot price using near-month ICE futures contracts. BNO was launched on Jun 2, 2010 and is managed by US Commodity Funds.