News Formal

Top U.S. oil ETF plans to diversify investment in later-dated oil contracts

  • 📰 Reuters
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 97%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

The United States Oil Fund LP, the largest oil-focused exchange-traded product (ETP) in the country, may begin investing in oil futures contracts expiring in several months, rather than just the front-month and second-month contract, it said in a filing https://bit.ly/2XWrj3L%E2%80%8B%E2%80%8B%E2%80%8B%E2%80%8B%E2%80%8B%E2%80%8B%E2%80%8B on Wednesday.

FILE PHOTO: Natural gas flares are seen at an oil pump site outside of Williston, North Dakota March 11, 2013. REUTERS/Shannon Stapleton/File Photo

U.S. crude markets have been roiled by oversupply and dwindling demand in the wake of diminished economic activity due to the global coronavirus outbreak. Crude storage has grown scarce as a result. Nearer-term contracts are trading at sharply lower prices than later-dated ones, a departure from the norm.

USO was last trading 10.0% lower at $2.53 despite front-month U.S. crude futures’ settling 19.1% higher, at $13.78 a barrel. The fund traded at a steep premium to its net asset value on Tuesday after it suspended the creation of new shares.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Why dont you shove your oil where the sun dont shine. Back in the ground and one other place you dirty people.

Your mom

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

What plunging crude prices mean for the market's largest oil ETFTwo ETF analysts break down the action in the United States Oil Fund (USO), which has seen outsized trading volumes in recent days. ETFEdgeCNBC What Say You? PetroDollar: Oil Brent WTI $WTIC $OIL $CL_F OOTT
Source: CNBC - 🏆 12. / 72 Read more »