The US Oil Fund (USO) is down $1.00 to $111.39 a share heading into weekly crude oil inventory data, due out at 10:30 a.m. Eastern time. The USO is now down 6.5 percent since its highs on Thursday due, in large part, to yesterday’s big decline in crude oil prices. Today, crude is down $1.05 to $137.69 ahead of the numbers. Analysts expect the report to show crude oil stockpiles with a draw of 2200K barrels for the week ended July 11. Distillates are expected to have a build of 2100K and gasoline a draw of 150K. In the options market, sentiment is mixed, with 6400 USO puts and 5,200 calls traded in the first thirty minutes.
Category: All ETFs
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.