United States Brent Oil Fund (NYSEARCA:BNO) Shares Down 5.4% – Here’s Why

Shares of United States Brent Oil Fund LP (NYSEARCA:BNO) fell 5.4% during trading on Tuesday . The stock traded as low as $44.50 and last traded at $45.23. 2,970,762 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 3,826,133 shares. The stock had previously closed at $47.83.

Key Headlines Impacting United States Brent Oil Fund

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

• Positive Sentiment: Persistent Middle East supply risks and uncertainty over a potential U.S.-Iran agreement continue to provide a floor for crude prices. Goldman Sachs expects Brent to remain in an $80–$90-per-barrel range until either a nuclear deal or a major escalation occurs. Goldman sees Brent at $80-$90 until US-Iran deal or major escalation
• Neutral Sentiment: Oil markets remain highly sensitive to competing forces, including OPEC+’s planned September output increase, ongoing Middle East disruptions and upcoming U.S. economic data. These factors could either offset or reinforce the latest selloff. Natural Gas and Oil Forecast: OPEC Output Increase Meets Persistent Middle East Supply Risks
• Neutral Sentiment: Japan’s strategic crude reserves increased to the equivalent of 202 days of consumption as the country secured alternative supplies, suggesting some buyers are improving resilience against further disruptions. Japan’s strategic oil reserves rise by 3 days of consumption in July
• Negative Sentiment: Oil and energy stocks declined as reports indicated that negotiations could lead to the reopening of the Strait of Hormuz. Reopened shipping lanes would reduce the immediate supply-risk premium embedded in Brent prices, pressuring BNO. Oil Prices and Energy Stocks Sink on Expectations of a Deal to Open the Strait of Hormuz
• Negative Sentiment: Crude prices fell sharply after the U.S. administration postponed further action against Iran and pursued a possible nuclear agreement, raising the prospect of restored Middle East supply flows and weaker disruption premiums. Oil tumbles as Trump cancels attack on Iran to reach nuclear deal

United States Brent Oil Fund Stock Down 5.2%

The company has a fifty day simple moving average of $46.94 and a two-hundred day simple moving average of $45.10.

Hedge Funds Weigh In On United States Brent Oil Fund

Several institutional investors have recently added to or reduced their stakes in the business. Ball & Co Wealth Management Inc. purchased a new position in United States Brent Oil Fund during the first quarter worth about $56,000. Kestra Advisory Services LLC acquired a new stake in United States Brent Oil Fund in the 4th quarter worth about $149,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in United States Brent Oil Fund by 60.7% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 6,654 shares of the company’s stock valued at $194,000 after buying an additional 2,514 shares during the period. Midwest Trust Co acquired a new position in shares of United States Brent Oil Fund during the 1st quarter valued at about $216,000. Finally, Chemistry Wealth Management LLC acquired a new position in shares of United States Brent Oil Fund during the 2nd quarter valued at about $257,000.

About United States Brent Oil Fund

The United States Brent Oil Fund, LP (BNO) is an exchange-traded fund that is based on the Front Month Brent Crude Oil index. The fund tracks the Brent oil spot price using near-month ICE futures contracts. BNO was launched on Jun 2, 2010 and is managed by US Commodity Funds.