United States Oil Fund (NYSEARCA:USO) Shares Gap Up – What’s Next?

United States Oil Fund LP (NYSEARCA:USO)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $131.68, but opened at $138.52. United States Oil Fund shares last traded at $139.67, with a volume of 2,699,309 shares.

United States Oil Fund News Roundup

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

• Positive Sentiment: Brent and WTI prices have climbed sharply as U.S.-Iran tensions intensify and Houthi attacks raise concerns about tanker disruptions in the Red Sea and Bab el-Mandeb shipping lane. Reuters: Oil prices rise to six-week high as US-Iran tensions escalate
• Positive Sentiment: Several market reports say crude is approaching or crossing the $100 level, which has fueled renewed bullish momentum across oil-linked assets, including USO. CNBC: Brent crude tops $100 a barrel
• Positive Sentiment: Reports of shipping-route risks and additional crude cargo changes from Saudi Aramco reinforce the view that supply could stay tight, supporting oil prices. Reuters: Aramco offers more crude oil cargoes from Mediterranean amid Red Sea threats
• Neutral Sentiment: Some commentary notes that higher oil prices are also weighing on broader stocks and consumer sentiment, which could eventually cool fuel demand if prices stay elevated for long enough. Deadline: Universal Theme Park Attendance Hit By Weaker Consumer Sentiment, Higher Travel Costs As Oil Touches $100 A Barrel
• Negative Sentiment: A weekly build in U.S. crude stockpiles is a reminder that supply data can still pressure prices if inventories continue to rise. WSJ: U.S. Commercial Crude Oil Stockpiles Post Weekly Build

United States Oil Fund Stock Up 6.6%

The firm has a fifty day moving average price of $124.21 and a two-hundred day moving average price of $110.04. The stock has a market capitalization of $2.53 billion, a P/E ratio of 19.22 and a beta of -0.01.

Institutional Trading of United States Oil Fund

Several institutional investors have recently bought and sold shares of USO. NewEdge Advisors LLC raised its holdings in United States Oil Fund by 1.6% in the first quarter. NewEdge Advisors LLC now owns 11,948 shares of the company’s stock worth $924,000 after buying an additional 187 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of United States Oil Fund by 65.1% during the second quarter. JPMorgan Chase & Co. now owns 66,225 shares of the company’s stock valued at $4,842,000 after buying an additional 26,102 shares during the last quarter. Cresset Asset Management LLC increased its position in shares of United States Oil Fund by 4.1% during the second quarter. Cresset Asset Management LLC now owns 7,736 shares of the company’s stock valued at $566,000 after acquiring an additional 303 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of United States Oil Fund during the second quarter valued at approximately $38,000. Finally, PDT Partners LLC bought a new stake in shares of United States Oil Fund during the second quarter valued at approximately $336,000. 67.47% of the stock is owned by hedge funds and other institutional investors.

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.