United States Oil Fund (NYSEARCA:USO) Shares Gap Up – Still a Buy?

United States Oil Fund LP (NYSEARCA:USO) gapped up prior to trading on Thursday . The stock had previously closed at $131.68, but opened at $138.52. United States Oil Fund shares last traded at $139.67, with a volume of 2,699,309 shares traded.

Key Headlines Impacting United States Oil Fund

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

• Positive Sentiment: Brent and WTI prices have climbed sharply as U.S.-Iran tensions intensify and Houthi attacks raise concerns about tanker disruptions in the Red Sea and Bab el-Mandeb shipping lane. Reuters: Oil prices rise to six-week high as US-Iran tensions escalate
• Positive Sentiment: Several market reports say crude is approaching or crossing the $100 level, which has fueled renewed bullish momentum across oil-linked assets, including USO. CNBC: Brent crude tops $100 a barrel
• Positive Sentiment: Reports of shipping-route risks and additional crude cargo changes from Saudi Aramco reinforce the view that supply could stay tight, supporting oil prices. Reuters: Aramco offers more crude oil cargoes from Mediterranean amid Red Sea threats
• Neutral Sentiment: Some commentary notes that higher oil prices are also weighing on broader stocks and consumer sentiment, which could eventually cool fuel demand if prices stay elevated for long enough. Deadline: Universal Theme Park Attendance Hit By Weaker Consumer Sentiment, Higher Travel Costs As Oil Touches $100 A Barrel
• Negative Sentiment: A weekly build in U.S. crude stockpiles is a reminder that supply data can still pressure prices if inventories continue to rise. WSJ: U.S. Commercial Crude Oil Stockpiles Post Weekly Build

United States Oil Fund Trading Up 6.6%

The business’s 50 day moving average price is $124.21 and its two-hundred day moving average price is $110.04. The stock has a market cap of $2.53 billion, a P/E ratio of 19.22 and a beta of -0.01.

Institutional Trading of United States Oil Fund

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Hamilton Wealth LLC purchased a new position in shares of United States Oil Fund during the 1st quarter worth approximately $55,001,000. Harvest Fund Management Co. Ltd lifted its stake in shares of United States Oil Fund by 33.9% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 239,149 shares of the company’s stock valued at $17,030,000 after purchasing an additional 60,569 shares during the period. Bank of America Corp DE lifted its stake in shares of United States Oil Fund by 117.1% in the 1st quarter. Bank of America Corp DE now owns 143,881 shares of the company’s stock valued at $18,309,000 after purchasing an additional 77,617 shares during the period. Caption Management LLC bought a new stake in shares of United States Oil Fund during the fourth quarter valued at approximately $5,201,000. Finally, JPMorgan Chase & Co. boosted its position in shares of United States Oil Fund by 65.1% during the second quarter. JPMorgan Chase & Co. now owns 66,225 shares of the company’s stock valued at $4,842,000 after purchasing an additional 26,102 shares in the last quarter. 67.47% of the stock is currently owned by hedge funds and other institutional investors.

About United States Oil Fund

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.