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Energy ETFs Rise on Crude Oil Prices, Fall on Natural Gas Prices

By  +Follow October 2, 2013 9:02AM
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Those ETFs tracking the price of crude oil jumped today as crude prices rebounded from lows yesterday that finished just over $102 a barrel. Prices rallied today, with contracts for November 13th delivery jumping over 1.75 percent to about $103.80 a barrel by the afternoon. This carried crude oil ETFs with it, with the United States Oil Fund ($USO) gaining over 2.1 percent, the iPath S&P GSCI Crude Oil Total Return (OIL) rose almost 2.25 percent, and the PowerShares DB Oil Fund ($DBO) jumped over 1.5 percent.

Crude Oil Prices Rise as Pipeline Section Nears Completion

Several factors could have affected crude oil on Wednesday, with the biggest news item being the announcement from TransCanada (TRP) that the southern spur of the Keystone pipeline was nearing completion. The Canadian petroleum company said that the Gulf Coast section of the pipeline, which could carry as much as 700,000 barrels a day if completed, was about 95 percent finished.

Also acting on crude prices was news that crude oil stockpiles in Cushing, OK fell for a 13th straight week, a record stretch. Dropping another 59,000 barrels, stocks reached 32.8 million barrels, the lowest level since February of 2012. Many believe that a completed Keystone pipeline could continue to cut into that supply.

"This is going to add to the drain on Cushing quite a bit," said Again Capital’s John Kilduff in reference to the near-completed southern spur.

Still others saw today’s price-jump as a market correction after a lengthy slide in oil prices. With calming tensions over Syria, the threat of geopolitical supply disruptions has appeared lower and dropped prices for weeks.

Tariq Zahir of Tyche Capital Advisors said "we were due for this kind of a bounce after what we have seen."

ETFs Fall with Natural Gas Prices

Natural gas, meanwhile, moved sharply against oil, with contracts for November 13 delivery falling over 1.75 percent in value on Wednesday. This took popular natural gas ETFs down, with the United States Natural Gas Fund (UNG) off almost 1.75 percent and United States 12 Month Natural Gas (UNL) falling almost 2 percent. This comes amid news that a major storm continues to develop near the Gulf of Mexico. The storm isn’t predicted to disrupt supply, but profit-takers opted to sell on Wednesday just to be safe. Natural gas has already be losing ground as cooler fall weather means Americans are using less air-conditioning and, as a result, less natural gas.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for uso
Stock Forums
24 Oct 14 04:43:35
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24 Oct 14 04:27:44
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24 Oct 14 02:36:50
RT @FA_Hedge: What is the $USO going to do next? http://t.co/oyrhNSw9QT Get real time alerts and analysis.
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24 Oct 14 02:06:17
RT @SeekingAlpha: The Oil Market Continues To Loosen http://t.co/Qx6ikykUkY $USO $OIL $UCO $SCO $BNO $DTO $DBO $CRUD $USL $UWTI $DNO $DWTI …
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24 Oct 14 02:05:32
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Stevie B
24 Oct 14 00:56:06
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Stevie B
24 Oct 14 00:50:03
High-Cost Projects to Struggle at $80-$85 Crude, Oil Search Says http://t.co/yOLZjT3nsr $USO $SPY $QQQ #STOCKS
Chasing Stars
24 Oct 14 00:38:07
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24 Oct 14 00:07:17
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23 Oct 14 23:16:23
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23 Oct 14 23:06:13
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Victor
23 Oct 14 21:57:02
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23 Oct 14 21:45:59
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23 Oct 14 21:35:38
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23 Oct 14 20:38:16
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Greg Rieben
23 Oct 14 20:05:20
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Paid2Trade
23 Oct 14 19:53:51
RT @RobertWeinstein: 2 yrs ago I predicted oil would reach $75, we're almost there http://t.co/odegajxyD2 @TheStreet $XLE $SOM $COP $UNG $U…
Duffy Mitchell
23 Oct 14 19:52:52
RT @RobertWeinstein: 2 yrs ago I predicted oil would reach $75, we're almost there http://t.co/odegajxyD2 @TheStreet $XLE $SOM $COP $UNG $U…
Robert Weinstein
23 Oct 14 19:52:07
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IWM Alerts
23 Oct 14 19:25:05
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Investors Hangout
23 Oct 14 18:55:18
chartguy89: USO 31.06 Stock Charts $USO United States Oil http://t.co/iicvAQGovq
Investors Hangout
23 Oct 14 18:55:09
chartguy89: USO 31.06 Stock Charts $USO United States Oil http://t.co/hX6F2vL9uv
Jesse
23 Oct 14 18:44:06
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iHangout
23 Oct 14 18:35:41
http://t.co/jYcEVtZYAh chartguy89: Stock Charts: USO 31.06 Stock Charts $USO United States Oil http://t.co/n6k4EmCptp
Stevie B
23 Oct 14 18:34:49
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23 Oct 14 18:34:21
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chartguy89
23 Oct 14 18:31:37
USO 31.06 Stock Charts $USO United States Oil Fund LP (NAR) Last Updated: 10/23/2014 20:31:37 USO Stock Chart http://t.co/8Cj8TChiqj
Mike Mustafoglu
23 Oct 14 18:30:04
NYMEX Trader Says Oil Prices Could Fall to $76 a Barrel http://t.co/E2fZixldzz via @TheStreet $USO
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23 Oct 14 18:01:00
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MICHAEL FILLOON
23 Oct 14 17:10:02
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MICHAEL FILLOON
23 Oct 14 17:05:01
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Elzbieta D Jaworska
23 Oct 14 15:35:17
RT @TraderPlanet: Define Risk On Crude Oil Play With Options http://t.co/MR6LdwhsM2 $CL_F $OIL $USO
Elzbieta D Jaworska
23 Oct 14 15:34:09
RT @TraderPlanet: Oil May Not Be Done Going Down Just Yet http://t.co/EYhwiTvweS $USO $UUP $CL_F $OIL $USDX via @MitchellKWarren
Jeff Quiggle
23 Oct 14 15:19:30
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23 Oct 14 14:40:36
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23 Oct 14 14:38:24
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ETF Trends
23 Oct 14 14:10:09
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Tom Lydon
23 Oct 14 14:05:03
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Lin/林莹君
23 Oct 14 13:43:54
$USO $CL_F bounce inside day, but it isn't at bottom yet. We may see $78 on $WTIC $HOD.TO $SCO
Tracy Ikard
23 Oct 14 13:07:10
@HerbertRTarlicJ $USO lubed me up and slipped the old one eye on me again. /CL is a evil beast.
MrMiyagi
23 Oct 14 12:48:05
RT @BobLoukas: Good move in Crude, possibly a bottom. But $84.83 is still the number to wait for. http://t.co/2VkRxDgtsH $CL $USO
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23 Oct 14 11:59:57
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Bob Loukas
23 Oct 14 11:58:43
Good move in Crude, possibly a bottom. But $84.83 is still the number to wait for. http://t.co/2VkRxDgtsH $CL $USO
avo
23 Oct 14 11:58:25
RT @is_matrix: Refiners are going to come back online in mid NOV their purchases should start to increase the price of gasoline and oil. $U…
Tim Newington
23 Oct 14 11:57:25
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the fernando
23 Oct 14 11:50:28
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JPU
23 Oct 14 11:49:23
RT @SeekingAlpha: Global Oil Markets: There And Back Again http://t.co/BSx1DOJN2Z $HAL $OXY $PXD $RSPP $OIL $USO $BNO $SCO
				
				
By  +Follow October 2, 2013 9:02AM
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