United States Brent Oil Fund (NYSEARCA:BNO) Hits New 12-Month High – Should You Buy?

United States Brent Oil Fund LP (NYSEARCA:BNO)’s stock price reached a new 52-week high during trading on Thursday. The stock traded as high as $64.19 and last traded at $64.14, with a volume of 284649 shares. The stock had previously closed at $61.90.

Key United States Brent Oil Fund News

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

• Positive Sentiment: Oil prices rose more than 2% as Houthi attacks in Saudi Arabia, tanker incidents in the Persian Gulf and potential U.S. Gulf production shut-ins increased fears of supply disruptions. Oil Prices Rise More Than 2% Amid Houthi Attacks, U.S. Gulf Shut-Ins
• Positive Sentiment: Escalating Middle East tensions, attacks on shipping and reduced traffic through the Strait of Hormuz are adding a risk premium to crude. The possibility of expanded U.S. military operations in Iran further raises the prospect of supply interruptions. Oil rises as Middle East supply concerns persist amid shipping attacks
• Positive Sentiment: U.S. commercial crude inventories unexpectedly fell by 3.2 million barrels, while industry executives warned that accessible global stockpile buffers are becoming severely depleted. Tight inventories make the market more sensitive to additional disruptions. U.S. Crude Oil Stockpiles Post Weekly Drop
• Neutral Sentiment: Brent’s move above key technical levels and bullish momentum favor BNO, although analysts note that crude must sustain the breakout to extend gains. Natural Gas and Oil Forecast
• Negative Sentiment: A firm U.S. dollar, rising Treasury yields and expectations for additional Federal Reserve rate increases could limit commodity demand and weigh on oil-linked funds. Dollar Stays Elevated as Treasury Yields, Oil Prices Rise
• Negative Sentiment: Oil’s rally could reverse if Gulf production normalizes, Hormuz traffic continues recovering or geopolitical fears ease. BNO is also trading near its 12-month high, increasing its exposure to profit-taking and volatility.

United States Brent Oil Fund Trading Up 4.0%

The stock’s 50 day simple moving average is $55.55 and its two-hundred day simple moving average is $51.77.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BNO. NewEdge Advisors LLC bought a new stake in United States Brent Oil Fund in the first quarter worth $1,776,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of United States Brent Oil Fund in the second quarter worth $456,000. Lombard Odier Asset Management USA Corp bought a new position in shares of United States Brent Oil Fund during the first quarter valued at $854,000. Empowered Funds LLC purchased a new position in shares of United States Brent Oil Fund in the 1st quarter worth about $2,872,000. Finally, Chemistry Wealth Management LLC purchased a new position in shares of United States Brent Oil Fund in the 2nd quarter worth 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.