ProShares Ultra Bloomberg Crude Oil (NYSEARCA:UCO – Get Free Report) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $36.53 and traded as high as $38.13. ProShares Ultra Bloomberg Crude Oil shares last traded at $37.77, with a volume of 2,653,543 shares trading hands.
ProShares Ultra Bloomberg Crude Oil News Summary
Here are the key news stories impacting ProShares Ultra Bloomberg Crude Oil this week:
- Positive Sentiment: Supply risks remain a support for crude: the Caspian Pipeline Consortium has repeatedly suspended loadings because of safety concerns and tanker shortages following drone attacks, while Gulf exports remained about 40% below pre-war levels. CPC oil loadings falter over safety issues and tanker shortages
- Positive Sentiment: Analysts continue to see upside risk if Middle East disruptions persist. Goldman Sachs expects Brent to remain around $80-$90 per barrel unless a U.S.-Iran agreement is reached or the conflict escalates significantly, while other forecasts cite the possibility of prices reaching $120 under multiple simultaneous crises. Goldman sees Brent at $80-$90 until US-Iran deal or major escalation
- Neutral Sentiment: Oil steadied after a two-session selloff as traders monitored whether diplomatic efforts could restore shipping through the Strait of Hormuz. The market remains highly headline-sensitive, increasing the volatility exposure of leveraged UCO. Oil steadies after two-day slump as investors eye Hormuz traffic
- Negative Sentiment: U.S. commercial crude inventories unexpectedly increased by 2.5 million barrels for the week ended July 31, versus expectations for a 1.2 million-barrel draw. The bearish inventory surprise suggests near-term supply may be more comfortable than anticipated. U.S. Crude Oil Inventories Post Weekly Increase
- Negative Sentiment: Expectations of a U.S.-Iran agreement and a potential reopening of the Strait of Hormuz have pressured oil and energy stocks by reducing the risk premium associated with disrupted exports. Oil Prices and Energy Stocks Sink on Expectations of a Deal to Open the Strait of Hormuz
- Negative Sentiment: U.S. upstream oil and gas dealmaking fell fourfold to $9 billion in the second quarter as volatile crude prices weakened investor confidence, underscoring uncertainty across the sector. US upstream oil and gas second-quarter dealmaking dives on volatility
ProShares Ultra Bloomberg Crude Oil Trading Down 1.0%
The company’s 50-day simple moving average is $39.33 and its 200 day simple moving average is $36.64.
Institutional Investors Weigh In On ProShares Ultra Bloomberg Crude Oil
About ProShares Ultra Bloomberg Crude Oil
ProShares Ultra DJ-UBS Crude Oil seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones UBS Crude Oil Sub-Index. The Dow Jones-UBS Crude Oil Sub-Index is intended to reflect the performance of crude oil as measured by the price of futures contracts of sweet, light crude oil traded on the New York Mercantile Exchange (the NYMEX), including roll costs, without regard to income earned on cash positions.
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