United States Oil Fund (NYSEARCA:USO) Shares Gap Down – Here’s What Happened

United States Oil Fund LP (NYSEARCA:USO)’s share price gapped down prior to trading on Friday. The stock had previously closed at $150.02, but opened at $143.56. United States Oil Fund shares last traded at $144.70, with a volume of 2,381,287 shares changing hands.

Key Stories Impacting United States Oil Fund

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

• Positive Sentiment: Geopolitical risks continue to support oil prices. A third U.S. aircraft carrier is reportedly heading toward the Middle East, while attacks on tankers in the Strait of Hormuz and ongoing U.S.-Iran tensions raise the possibility of shipping disruptions and supply losses. Brent Oil Is Back Above $100 as a Third Aircraft Carrier Heads to the Middle East Three oil tankers hit by projectiles in Hormuz strait
• Positive Sentiment: China’s decision to halt fuel exports could tighten refined-product markets, while an $8.4 billion South Korean oil-recovery project points to additional future demand and investment in the energy sector. Oil rises slightly as market weighs mixed supply signals Trump says US deal with South Korea includes $8.4 billion for oil recovery
• Neutral Sentiment: WTI rebounded from technical support and USO recently moved above its 50-day moving average, but resistance near higher price levels could limit further gains. United States Oil Fund Stock Breaks Above 50 Day Moving Average
• Negative Sentiment: The G-7 agreed to release roughly 100 million barrels of crude and oil products, while European countries are considering releasing diesel reserves. Additional available inventories would ease supply shortages and weigh on crude futures. G-7 Agrees to Release 100 Million Barrels of Crude and Oil Products Oil prices extend losses after potential European diesel and crude stock release
• Negative Sentiment: Middle East crude exports have recovered toward prewar levels, reducing immediate supply-disruption fears. A much weaker-than-expected U.S. employment report also increased concerns about economic growth and oil demand. Oil Prices Fall as Middle East Crude Exports Recover Oil Price Forecast – Crude Falls into the Weekend

United States Oil Fund Stock Down 3.1%

The business’s 50 day moving average is $137.26 and its 200 day moving average is $130.31. The company has a market cap of $1.85 billion, a P/E ratio of 19.22 and a beta of -0.02.

Insiders Place Their Bets

In other news, major shareholder Financial Lp Hrt sold 17,023 shares of the stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $157.58, for a total transaction of $2,682,484.34. Following the completion of the sale, the insider owned 128,543 shares in the company, valued at approximately $20,255,805.94. This represents a 11.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders have purchased 148,833 shares of company stock valued at $23,385,278 and have sold 95,353 shares valued at $14,737,344.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of USO. Parallel Advisors LLC purchased a new stake in United States Oil Fund during the 1st quarter valued at about $57,000. Fifth Third Bancorp boosted its holdings in United States Oil Fund by 11.6% during the first quarter. Fifth Third Bancorp now owns 1,116 shares of the company’s stock worth $142,000 after buying an additional 116 shares in the last quarter. Triad Wealth Partners LLC acquired a new stake in shares of United States Oil Fund during the 1st quarter valued at about $205,000. Main Street Group LTD acquired a new stake in United States Oil Fund in the first quarter valued at approximately $223,000. Finally, Bank of Nova Scotia purchased a new stake in United States Oil Fund in the 1st quarter worth $249,000. Institutional investors and hedge funds own 67.47% of the company’s stock.

United States Oil Fund Company Profile

United States Oil Fund, LP (USO) is a commodity pool that issues limited partnership interests (shares) traded on the NYSE Arca, Inc (the NYSE Arca). The investment objective of USO is for the daily changes in percentage terms of its shares’ per share net asset value (NAV) to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of the futures contract for light, sweet crude oil traded on the New York Mercantile Exchange, that is the near month contract to expire, except when the near month contract is within over two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire, less USO’s expenses.