ProShares Ultra Bloomberg Crude Oil (NYSEARCA:UCO) Shares Gap Up – Here’s Why

ProShares Ultra Bloomberg Crude Oil (NYSEARCA:UCO) gapped up before the market opened on Tuesday . The stock had previously closed at $37.93, but opened at $40.46. ProShares Ultra Bloomberg Crude Oil shares last traded at $40.17, with a volume of 2,922,936 shares traded.

Key Stories Impacting ProShares Ultra Bloomberg Crude Oil

Here are the key news stories impacting ProShares Ultra Bloomberg Crude Oil this week:

• Positive Sentiment: Large cuts to Russian export capacity and other supply disruptions tighten global crude availability, supporting higher oil prices and buoying UCO. Exclusive: At least 40% of Russia’s oil export capacity halted, Reuters calculations show
• Positive Sentiment: Iraq’s production has plunged and exports via the Strait of Hormuz are blocked by the conflict, removing barrels from the market and supporting oil prices. Exclusive: Iraq oil output further plunges as storage fills, Hormuz exports blocked by conflict
• Positive Sentiment: Environmental damage and operational disruption from a large Pemex oil spill in Mexico could tighten local refining/production flows, supporting nearby crude and product prices. Residents and wildlife along Mexico’s coast bear the brunt of Pemex oil spill
• Positive Sentiment: U.S. officials are closely tracking tanker transit through the Strait of Hormuz, signaling logistical risk that can support a risk premium in crude markets. US tracking closely how to get oil tankers through Strait of Hormuz, White House says
• Neutral Sentiment: Exxon has a team in Venezuela assessing opportunities — potential longer-term source of barrels but uncertain near-term impact on global supply. CERAWEEK Exxon says its team is in Venezuela evaluating oil opportunities
• Neutral Sentiment: Venezuela reports production at about 1.1 mln bpd in March — adds supply context but quality, export paths and sanctions make market impact mixed. Venezuela oil production has reached 1.1 mln bpd in March
• Negative Sentiment: Diplomatic headlines and reports of a U.S. ceasefire proposal eased the geopolitical premium and pushed crude down, a primary driver of UCO’s decline today. Stocks bounce and oil retreats on Mideast ceasefire reports
• Negative Sentiment: U.S. commercial crude inventories rose for the fifth straight week, increasing near-term supply and pressuring oil prices. U.S. Crude Oil Stockpiles Rise for Fifth Straight Week
• Negative Sentiment: Canada’s Trans Mountain pipeline is running nearly full in April, raising flows/availability to markets and removing some upside pressure on prices. CERAWEEK Canada’s Trans Mountain running nearly full on global oil disruptions, CEO says
• Negative Sentiment: UCO-specific: short interest surged ~197% in March (roughly 26.8% of float), indicating heavy bearish positioning / technical selling pressure in the ETF that can exacerbate downward moves.

ProShares Ultra Bloomberg Crude Oil Stock Down 1.9%

The company’s 50 day moving average price is $27.83 and its two-hundred day moving average price is $23.32.

Hedge Funds Weigh In On ProShares Ultra Bloomberg Crude Oil

Several hedge funds have recently added to or reduced their stakes in the company. Spire Wealth Management lifted its stake in ProShares Ultra Bloomberg Crude Oil by 15.5% in the third quarter. Spire Wealth Management now owns 6,702 shares of the exchange traded fund’s stock worth $151,000 after purchasing an additional 900 shares during the last quarter. Luminist Capital LLC bought a new position in shares of ProShares Ultra Bloomberg Crude Oil during the second quarter valued at approximately $30,000. Corsicana & Co. bought a new position in shares of ProShares Ultra Bloomberg Crude Oil during the third quarter valued at approximately $45,000. Two Sigma Securities LLC raised its holdings in shares of ProShares Ultra Bloomberg Crude Oil by 25.8% in the second quarter. Two Sigma Securities LLC now owns 13,583 shares of the exchange traded fund’s stock worth $304,000 after buying an additional 2,785 shares during the period. Finally, Connective Capital Management LLC purchased a new stake in shares of ProShares Ultra Bloomberg Crude Oil in the third quarter worth approximately $159,000.

About ProShares Ultra Bloomberg Crude Oil

ProShares Ultra DJ-UBS Crude Oil seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones UBS Crude Oil Sub-Index. The Dow Jones-UBS Crude Oil Sub-Index is intended to reflect the performance of crude oil as measured by the price of futures contracts of sweet, light crude oil traded on the New York Mercantile Exchange (the NYMEX), including roll costs, without regard to income earned on cash positions.