United States Brent Oil Fund LP (NYSEARCA:BNO) Sees Large Growth in Short Interest

United States Brent Oil Fund LP (NYSEARCA:BNO) saw a large increase in short interest in the month of September. As of September 15th, there was short interest totaling 3,872,722 shares, an increase of 78.1% from the August 31st total of 2,173,917 shares. Based on an average trading volume of 2,179,233 shares, the short-interest ratio is presently 1.8 days. Currently, 30.6% of the shares of the company are short sold.

United States Brent Oil Fund Price Performance

NYSEARCA:BNO traded down $1.57 during trading hours on Tuesday, hitting $58.76. 1,312,734 shares of the stock traded hands, compared to its average volume of 3,435,310. United States Brent Oil Fund has a 1 year low of $27.14 and a 1 year high of $63.98. The stock has a 50 day moving average price of $54.02 and a 200 day moving average price of $51.15.

Hedge Funds Weigh In On United States Brent Oil Fund

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC grew its stake in United States Brent Oil Fund by 23.1% during the second quarter. Integrated Wealth Concepts LLC now owns 4,922 shares of the company’s stock valued at $200,000 after acquiring an additional 922 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in shares of United States Brent Oil Fund during the 2nd quarter valued at about $456,000. Chemistry Wealth Management LLC purchased a new position in shares of United States Brent Oil Fund during the second quarter valued at about $257,000. NewEdge Advisors LLC bought a new stake in shares of United States Brent Oil Fund in the first quarter worth about $1,776,000. Finally, Royal Bank of Canada lifted its position in shares of United States Brent Oil Fund by 49.3% in the first quarter. Royal Bank of Canada now owns 5,974 shares of the company’s stock worth $310,000 after buying an additional 1,974 shares in the last quarter.

Key United States Brent Oil Fund News

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

• Positive Sentiment: Brent and WTI prices have risen for a second consecutive session as uncertainty surrounding the Strait of Hormuz, regional infrastructure and potential disruptions to Middle Eastern supply continues to support crude prices. This is the primary bullish catalyst for BNO. Oil prices rise for second session on continued Middle East supply concern
• Positive Sentiment: The fund reported strong August performance, indicating that the recent rally in Brent crude has translated into favorable results for BNO investors. United States Brent Oil Fund Reports Strong August Performance
• Neutral Sentiment: Crude is testing its 50-day exponential moving average. A successful hold could attract value buyers and support Brent, while a break below it would signal that near-term selling pressure is strengthening. WTI and Brent Forecast: 50-Day EMA Tests Could Attract Buyers
• Negative Sentiment: The U.S. plans to offer energy companies 40 million barrels from the Strategic Petroleum Reserve, while IEA members may consider additional releases. Extra supply could reduce Brent prices and limit BNO’s upside. US to release 40 million barrels of crude from Strategic Petroleum Reserve
• Negative Sentiment: Saudi Arabia has resumed loading oil from Yanbu, and regional exports have rebounded as Saudi Arabia and the UAE increased shipments. Improving physical supply undermines the scarcity premium supporting Brent. Saudi resumes Yanbu oil loading after pipeline restart

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.