logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

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

By  +Follow October 2, 2013 9:02AM
Share:
Tickers Mentioned:

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.


Signup for our daily newsletter and get our best articles emailed right to you!

Results for uso
Pandora
27 Nov 14 07:53:35
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
Rebecca Jackson
27 Nov 14 07:53:02
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
Eli Hoffmann
27 Nov 14 07:52:51
RT @MarketCurrents: OPEC is "throwing in the towel" - SocGen http://t.co/hQRSUjhM6l $USO $OIL $UCO $SCO
Makhluk Aneh
27 Nov 14 07:51:39
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
MarketCurrents
27 Nov 14 07:48:10
OPEC is "throwing in the towel" - SocGen http://t.co/hQRSUjhM6l $USO $OIL $UCO $SCO
SiⓂon
27 Nov 14 07:45:56
#crudeoil bleeding.... $USO
Mat Piece™
27 Nov 14 07:45:39
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
leopardtrader
27 Nov 14 07:45:14
#OPEC made the right decision ..let the market determine the price of crude. Surprise price to head higher $USO $CL_F $XLE $ERX
Don L Hanke
27 Nov 14 07:42:22
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
Doug Miller
27 Nov 14 07:41:41
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
Marc Mestre
27 Nov 14 07:40:58
RT @MarketCurrents: OPEC keeps output target unchanged http://t.co/Nz4brYt0ur $USO $OIL $UCO $SCO
Sandra Matthews
27 Nov 14 07:40:42
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
Steve Mahoney
27 Nov 14 07:40:34
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
Allen Byrns
27 Nov 14 07:40:18
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
DSinden
27 Nov 14 07:40:00
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
Dwayne
27 Nov 14 07:39:45
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
Norman
27 Nov 14 07:39:39
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
Amy
27 Nov 14 07:39:31
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
Shaun
27 Nov 14 07:39:19
Oil getting pulverized. Happy thanksgiving oil $SHORTs proud oil shorter since 90$ a barrel. Looking for lower prices $USO $Cl_F
Nadina
27 Nov 14 07:38:48
RT @StockTwits: Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UK…
StockTwits
27 Nov 14 07:38:29
Crude oil is getting smoked this Thanksgiving. DOWN 4%. Hitting its lowest levels since August, 2009 -> http://t.co/8MYI8UKI0i $USO $CL_F
Hvnablast
27 Nov 14 07:36:59
Without increased worldwide demand $USO only has one way to go. $SPY
bithead
27 Nov 14 07:35:36
The Russian stock market, nor Oil traders like OPEC's decision to maintain the glut of oil supply. #Russia down 1.5% $RSX $RUSS $USO $CL_F
Paul Antompietri
27 Nov 14 07:34:31
$USO US oil demand, in quadrillion btu's, peaked in **2005** at 40.4; in 2013 - 35.1, down 13.1%. Source: http://t.co/LWBCvp6ywk table 1.3
Foresight Investor
27 Nov 14 07:26:25
$Oil slid to a four-year low after #OPEC kept its oil production unchanged http://t.co/lOyg13CySY $USO $WTI $Brent
Pulsar Investments
27 Nov 14 07:24:28
Oil futures drop after OPEC reportedly decides not to cut production $XLE $USO http://t.co/MgX0t4RhH0 via @MarketWatch
Mike Zaccardi, CMT
27 Nov 14 07:20:14
$USO ATM weeklies priced in a move of +/- 3% through Friday
Ani Anirudhan
27 Nov 14 07:10:47
Saudi oil minister says OPEC will not cut oil production: Reuters #WTIC $CL_F $USO $XLE http://t.co/jUlEGhp8oq
Rudy Torrijos III
27 Nov 14 07:09:26
RT @JackDamn: Initial reaction for Crude Oil (WTI) out of OPEC decision. (15-min chat) $USO http://t.co/YI0THgRMqL
Don L Hanke
27 Nov 14 07:08:30
RT @JackDamn: Initial reaction for Crude Oil (WTI) out of OPEC decision. (15-min chat) $USO http://t.co/YI0THgRMqL
C Guy
27 Nov 14 07:08:25
US stock markets are closed today but commodity futures still running. Look at oil drop like a fcking rock. http://t.co/QrJnvnK5Sb $USO
Michael Scott
27 Nov 14 07:07:02
RT @MarketCurrents: OPEC keeps output target unchanged http://t.co/Nz4brYt0ur $USO $OIL $UCO $SCO
Jack Damn
27 Nov 14 07:04:35
Initial reaction for Crude Oil (WTI) out of OPEC decision. (15-min chat) $USO http://t.co/YI0THgRMqL
MarketCurrents
27 Nov 14 07:01:01
OPEC keeps output target unchanged http://t.co/Nz4brYt0ur $USO $OIL $UCO $SCO
TopstepTrader
27 Nov 14 07:00:23
*OPEC KEEPS OIL PRODUCTION TARGET UNCHANGED AT 30M B/D: DELEGAT $CL_F $USO $SPY
Quantheta
27 Nov 14 07:00:05
#SENTISHIFTDOWN $BBRY $GOOG $FB $SPX $AV $OIL $CLF $GM $USO $HPQ #quantheta #sentiquant
lvgs
27 Nov 14 06:57:30
RT @JackDamn: The oil prices that OPEC members need to balance their budgets. (via WSJ) $USO http://t.co/NmIMCE7qDm
Green to Gold Group
27 Nov 14 06:45:48
ALERT Energy $CL_F Light Sweet Crude Oil RETESTED Weekly Swing Low 73.25 .. Me still Short $USO http://t.co/voDFL24IoR
MerCel Partners
27 Nov 14 06:42:45
RT @JackDamn: The oil prices that OPEC members need to balance their budgets. (via WSJ) $USO http://t.co/NmIMCE7qDm
Jack Damn
27 Nov 14 06:40:26
The oil prices that OPEC members need to balance their budgets. (via WSJ) $USO http://t.co/NmIMCE7qDm
GPS
27 Nov 14 06:32:02
RT @chessNwine: Stock #Market Recap 11/26/14 {Video} http://t.co/TR5aByxuTt $IWM $QQQQ $SMH $SPY $USO
Chess
27 Nov 14 06:21:29
Stock #Market Recap 11/26/14 {Video} http://t.co/TR5aByxuTt $IWM $QQQQ $SMH $SPY $USO
Krys
27 Nov 14 06:15:38
RT @JackDamn: Beautiful daily Bear trend for Crude Oil (WTI) from June to November. Shallow pullbacks and trend continuation. $USO http://t…
Jack Damn
27 Nov 14 06:01:55
Beautiful daily Bear trend for Crude Oil (WTI) from June to November. Shallow pullbacks and trend continuation. $USO http://t.co/Xhv5BmF8WE
pastclnt
27 Nov 14 05:56:29
@ChristinaSqWold @Sqwii "11/20/14 $USO oil very strong..like setup on oil plays near breakout spots-very bullish sh. term $FST $ZAZA $PBR"
Mike Zaccardi, CMT
27 Nov 14 05:43:40
$USO ATM weeklies at 50% annualized IV. IV index on $USO 35%.. 52wk high. $CL_F
Douglas Busch
27 Nov 14 05:10:34
RT @TraderHMS: The Weakness In Crude Oil Is Temporary: http://t.co/sfdY08cldg $USO $CL_F $XOM $MRO $HAL $COP $XLE $CVX
Ian Cowie
27 Nov 14 05:08:30
RT @MikeWilliamsNYC: Here comes the 60's: Saudi oil minister says crude price market "will stabilize itself" http://t.co/JXCM8zA55t $RNFTF…
Robin Murray MD CFII
27 Nov 14 05:07:11
#OIL $USO $UCO $DIG $OIH #ETF SMA200/50 #Death #Cross then a #Hanged #Man Bearish unless OPEC gets their act together http://t.co/ocPui9LH8B
HNW Magazine
27 Nov 14 05:04:56
RT @MikeWilliamsNYC: Here comes the 60's: Saudi oil minister says crude price market "will stabilize itself" http://t.co/JXCM8zA55t $RNFTF…
				
				
By  +Follow October 2, 2013 9:02AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.