United States Oil Fund (NYSEARCA:USO) Shares Down 3.6% – What’s Next?

Shares of United States Oil Fund LP (NYSEARCA:USO) traded down 3.6% during trading on Wednesday . The stock traded as low as $109.02 and last traded at $110.42. 14,189,413 shares were traded during trading, a decline of 48% from the average session volume of 27,099,014 shares. The stock had previously closed at $114.54.

United States Oil Fund News Roundup

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

• Positive Sentiment: Large Russian export outages tighten physical supply, supporting crude prices and providing upside support for oil-linked securities like USO. At least 40% of Russia’s oil export capacity halted
• Positive Sentiment: Iraq’s production has plunged and storage is filling, tightening global supply and adding medium-term support to crude prices. Iraq oil output further plunges as storage fills
• Positive Sentiment: Regional U.S. oil & gas activity rose in Q1 (Dallas Fed), supporting demand indicators for U.S. crude over the medium term. Dallas Fed survey finds first quarter oil and gas activity rose
• Neutral Sentiment: Major U.S. shale players (e.g., Devon) say they will keep activity steady despite price spikes, muting a fast supply response and leaving the market reactive rather than reflexive. Devon Energy to hold activity steady even as oil prices spike, CEO says
• Negative Sentiment: Reports of a U.S. diplomatic push and a possible ceasefire lifted risk sentiment and pushed oil prices lower, a primary driver of USO’s decline today. Stocks bounce and oil retreats on Mideast ceasefire reports
• Negative Sentiment: U.S. commercial crude inventories rose by about 6.9 million barrels, reducing near-term tightness and putting downward pressure on oil futures and USO. U.S. Crude Oil Stockpiles Rise for Fifth Straight Week

United States Oil Fund Stock Performance

The company has a market cap of $1.49 billion, a P/E ratio of 19.22 and a beta of 0.40. The business has a fifty day simple moving average of $87.62 and a 200 day simple moving average of $76.99.

Institutional Trading of United States Oil Fund

A number of institutional investors and hedge funds have recently modified their holdings of the business. Activest Wealth Management bought a new stake in shares of United States Oil Fund during the 3rd quarter valued at about $28,000. Raymond James Financial Inc. bought a new stake in shares of United States Oil Fund in the 2nd quarter worth approximately $38,000. Financial Consulate Inc. acquired a new position in United States Oil Fund during the 3rd quarter valued at approximately $42,000. PNC Financial Services Group Inc. bought a new position in United States Oil Fund during the 4th quarter worth $48,000. Finally, Advisory Services Network LLC acquired a new stake in United States Oil Fund in the third quarter worth $57,000. 67.47% of the stock is owned by institutional investors and hedge funds.

United States Oil Fund Company Profile

United States Oil Fund, LP (USO) is a commodity pool that issues limited partnership interests (shares) traded on the NYSE Arca, Inc (the NYSE Arca). The investment objective of USO is for the daily changes in percentage terms of its shares’ per share net asset value (NAV) to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of the futures contract for light, sweet crude oil traded on the New York Mercantile Exchange, that is the near month contract to expire, except when the near month contract is within over two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire, less USO’s expenses.