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And for companies like Chevron and ConocoPhillips, which produce about 30% of their oil in the continental U.S., that outlook should worry investors. Copyright © 2020 MarketWatch, Inc. All rights reserved. In less than two weeks, the largest U.S. oil ETF -- which has the stated objective of tracking current oil prices -- went from 100% investment in June 2020 WTI futures contracts to 0%.

View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Jason Hall (TMFVelvetHammer) The inquiries into the ETF, known by its ticker USO, are in their early stages and may not lead to allegations of wrongdoing. 9,811,706 shares changed hands during mid-day trading, a decline of 0% from the average session volume of 9,836,361 shares. All quotes are in local exchange time. In a filing on Friday, USO said that Marex Spectron will serve as an additional broker. Do Not Sell My Information. Historical and current end-of-day data provided by FACTSET. Cookie Notice. Warren Buffett recently dumped $800 million of Apple stock… And bought this instead! The fund has lost 75% of its value this year. The Shock of Subzero Oil Will Shake the U.S. Energy Industry. But that's not what's happening now. Read more: Michael Gayed's fund relied on just one market signal to book a huge profit when the coronavirus crushed stocks — and his returns are still soaring. Please log in to your account or sign up in order to add this asset to your watchlist. Click here to learn more. Chevron Stock Could Have a Record Month Even Though Oil Is Down. Create a list of the investments you want to track. according to an SEC filing submitted on Thursday.

Intraday Data provided by FACTSET and subject to terms of use. Read More: For Creators of USO ETF, Troubles in Market Began a Decade Ago. USO, the United States Oil Fund, says its objective is to track the daily price of oil, but market conditions have made it nearly impossible.

Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio. Returns as of 11/12/2020. He seeks growth and value stocks in the U.S., in Germany, and beyond! USO, an ETF owned and operated by United States Commodity Funds, was informed by its only Futures Commission Merchants, RBC Capital Markets, that it is prohibited from holding or buying oil futures contracts until further notice. Get short term trading ideas from the MarketBeat Idea Engine. The fund's entire goal, according to its prospectus, is "to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, [aka WTI Crude] as measured by the daily changes in the price of a specified short-term futures contract on light, sweet crude oil called the 'Benchmark Oil Futures Contract.'". It didn't buy any other contracts until the April contracts were within two weeks of expiration, and even then it only bought May contracts. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Over the last two weeks, the fund has made some extraordinary changes to its portfolio, including dumping all its current oil futures contracts in favor of longer-term investments.

Learn more. That makes sense: There's a massive supply glut that will take months (if not years) to ebb. Cumulative Growth of a $10,000 Investment in Stock Advisor, Even the Top U.S. Oil Fund Is Becoming Bearish About Oil @themotleyfool #stocks $USO $CVX $COP, The U.S. Oil Fund Is Put on Notice by the SEC, Ditch These 3 Popular Oil ETFs and Consider Buying This 1 Instead, 1 Risk That Oil ETF Investors Need to Watch Closely, Still Own USO?

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