United States Oil Fund (NYSEARCA:USO) Shares Gap Down – Should You Sell?

United States Oil Fund LP (NYSEARCA:USO)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $121.21, but opened at $116.34. United States Oil Fund shares last traded at $116.82, with a volume of 1,880,823 shares changing hands.

United States Oil Fund News Roundup

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

• Positive Sentiment: Some analysts say oil may still find a floor because tanker operators remain cautious and full normalization of Hormuz traffic could take time, which could limit further downside in crude. Oil prices fall, tanker bosses remain cautious on resumption of Hormuz transit
• Neutral Sentiment: Markets are waiting for more details on the U.S.-Iran deal, leaving some uncertainty around how quickly supply and shipping routes can fully recover. U.S. Futures Steady, Oil Edges Lower as Markets Stabilize
• Neutral Sentiment: Technical traders note oil had already been rebounding at times as investors balanced the peace-deal relief against lingering supply risks and a slower-than-expected restoration of Gulf flows. Oil rebounds on concerns about US-Iran peace deal, restoration of supply
• Negative Sentiment: Goldman Sachs and Morgan Stanley cut oil-price forecasts, saying Persian Gulf supply is likely to recover to prewar levels faster than expected, which is bearish for crude-linked assets like USO. Major Wall Street Banks Cut Oil-Price Forecasts on Faster Gulf Supply Recovery
• Negative Sentiment: Multiple reports say Brent and WTI fell as the Strait of Hormuz is expected to reopen, reducing the conflict-driven risk premium that had boosted oil prices. Iran, US agree to halt war and reopen Hormuz, sending oil prices tumbling

United States Oil Fund Stock Performance

The business’s 50-day moving average is $134.95 and its two-hundred day moving average is $101.71. The stock has a market capitalization of $1.57 billion, a PE ratio of 19.22 and a beta of -0.04.

Hedge Funds Weigh In On United States Oil Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Militia Capital Management LLC purchased a new position in United States Oil Fund in the 1st quarter valued at $290,000. DV Trading LLC grew its position in United States Oil Fund by 36.9% in the 1st quarter. DV Trading LLC now owns 8,975 shares of the company’s stock valued at $1,142,000 after buying an additional 2,421 shares during the last quarter. Parallel Advisors LLC purchased a new position in United States Oil Fund in the 1st quarter valued at $57,000. NewEdge Advisors LLC grew its position in United States Oil Fund by 19.5% in the 1st quarter. NewEdge Advisors LLC now owns 12,275 shares of the company’s stock valued at $1,562,000 after buying an additional 2,003 shares during the last quarter. Finally, Bank of America Corp DE grew its position in 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 buying an additional 77,617 shares during 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.