UCO - ProShares Ultra Bloomberg Crude Oil
| Previous Close | 18.38 |
| Open | 18.86 |
| Bid | 0.00 x 1000 |
| Ask | 0.00 x 800 |
| Day's Range | 18.75 - 19.24 |
| 52 Week Range | 12.20 - 39.36 |
| Volume | 3,095,688 |
| Avg. Volume | 4,269,175 |
| Net Assets | 443.52M |
| NAV | 19.10 |
| PE Ratio (TTM) | N/A |
| Yield | 0.00% |
| YTD Return | 46.28% |
| Beta (3Y Monthly) | 3.84 |
| Expense Ratio (net) | 0.98% |
| Inception Date | 2008-11-24 |
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- Market Realist•6 days ago
Where US Crude Oil Could Be Next Week
What Drove Your Energy Portfolio This Week?(Continued from Prior Part)Oil’s implied volatility On February 7, US crude oil’s implied volatility was 31.4%, which was ~10% below its 15-day average. Usually, lower implied volatility might support
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Market Realist•12 days agoWhich Oil ETFs Outperformed Oil Last Week?
Energy Sector: Key Highlights Last Week(Continued from Prior Part)Oil-tracking ETFsOn January 25–February 1, the United States Oil ETF (USO), the United States 12-Month Oil ETF (USL), and the ProShares Ultra Bloomberg Crude Oil ETF (UCO) rose
- Market Realist•13 days ago
Where Could US Crude Oil Prices Be in the Next Week?
What Helped Your Energy Portfolio?(Continued from Prior Part)Oil’s implied volatility On January 31, US crude oil’s implied volatility was 35.8%, which was ~2.7% below its 15-day average. Usually, lower implied volatility might support oil
- Market Realist•20 days ago
Oil-Tracking ETFs Outperformed Oil Last Week
Your Energy Review for the Week Ended January 25(Continued from Prior Part)Oil-tracking ETFs Between January 18 and January 25, the United States Oil ETF (USO), the United States 12-Month Oil ETF (USL), and the ProShares Ultra Bloomberg Crude Oil ETF
- Market Realist•20 days ago
Where US Crude Oil Might Move Next Week
Why the Energy Portfolio Didn't Match Oil's Gains This Week(Continued from Prior Part)Oil’s implied volatility On January 24, US crude oil’s implied volatility was 34.7%, which was ~16.6% below its 15-day average. Usually, lower implied
- Market Realist•25 days ago
Did Oil-Tracking ETFs Underperform Oil Last Week?
Your Energy Review for the Week Ended January 18(Continued from Prior Part)Oil-tracking ETFs Between January 11 and January 18, the United States Oil ETF (USO), the United States 12-Month Oil ETF (USL), and the ProShares Ultra Bloomberg Crude Oil ETF
- Market Realist•27 days ago
Where US Crude Oil Could Head Next Week
Broader Market Supported the Energy Portfolio(Continued from Prior Part)Oil’s implied volatility On January 17, US crude oil’s implied volatility was 35.5%, which was ~23.2% below its 15-day average. Usually, a lower implied volatility might
- Market Realist•last month
Futures Spread: Have the Bearish Sentiments Declined for Oil?
Oil Traders: Goldman Sachs Expects a Slowdown(Continued from Prior Part)Futures spreadOn January 14, US crude oil February 2019 futures closed ~$2.58 below the February 2020 futures. On January 7, the futures spread was at a discount of ~$3.1. On
- Market Realist•last month
Did Oil ETFs Underperform WTI Prices Last Week?
Energy's Performance Last Week—and What's on the Agenda This Week (Continued from Prior Part) ## Oil-tracking ETFs Between January 4 and January 11, the United States Oil ETF (USO), the United States 12-Month Oil ETF (USL), and the ProShares Ultra Bloomberg Crude Oil ETF (UCO) rose 7.1%, 6.2%, and 14.4%, respectively. These ETFs track US crude oil futures. USO holds active US crude oil futures, while USL holds US crude oil futures deliverable for each of the next 12 months. UCO tracks daily changes in the Bloomberg WTI Crude Oil Subindex. USO and USL underperformed US crude oil February futures, which rose 7.6% last week. Higher oil prices can boost oil-weighted stocks. Whiting Petroleum (WLL), Hess Corporation (HES), and Callon Petroleum (CPE), the strongest oil-weighted stocks, rose 10.9%, 12.2%, and 16%, respectively, last week. ## Long-term returns and the forward curve Between February 11, 2016, and January 11, 2019, US crude oil active futures rose 96.8% from their 12-year low. USO, USL, and UCO rose 36.4%, 41.6%, and 29.3%, respectively. A negative roll yield, which occurs when expiring futures contract prices are lower than the following month’s futures contract prices, may have caused the lower returns. UCO’s actual and expected returns could also be different due to daily price changes. In a cost-of-carry model, ETFs’ underperformances due to negative roll yields reflect storage costs. On January 11, US crude oil futures for delivery between February and August 2019 closed in ascending order, which could be a negative sign for these ETFs’ returns. Continue to Next Part Browse this series on Market Realist: * Part 1 - The China Factor Could Drag on Oil This Week * Part 2 - Oil’s Rise Wasn’t the Only Driver of Energy’s Score Last Week * Part 3 - These Upstream and Oilfield Stocks Outperformed Energy Last Week
- Market Realist•last month
Where US Crude Oil Might Head Next Week
What's Impacting Your Energy Portfolio Gain? (Continued from Prior Part) ## Oil’s implied volatility On January 10, US crude oil’s implied volatility was 40%, which was ~25% below its 15-day average. Usually, lower implied volatility might support oil prices. You can see the inverse relationship between oil prices and oil’s implied volatility in the following chart. Since reaching a 12-year low in February 2016, US crude oil active futures have risen ~100.6%. Crude oil’s implied volatility has fallen ~46.8% since February 11, 2016. ## Price forecast On January 11–18, US crude oil futures should close between $49.89 and $55.29 per barrel 68.0% of the time. The forecast is based on crude oil’s implied volatility of 40% and assumes a normal distribution of prices. On January 10, US crude oil February futures rose 0.4% and settled at $52.59 per barrel. The factors that we discussed in Part 1 might pull US crude oil close to this level. Any changes in oil could be a positive development for equity indexes like the S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA). The sentiments in the oil and equity markets are often related. In the previous part of this series, we analyzed the relationship between oil and the equity market. ## Impact on ETFs These price limits could be important for oil-tracking ETFs like the ProShares Ultra Bloomberg Crude Oil ETF (UCO) and the United States 12-Month Oil ETF (USL). In the trailing week, US crude oil February futures rose 11.7%, UCO rose 23.5%, and USL rose 10.2%. Browse this series on Market Realist: * Part 1 - President Trump Might End Oil’s Gain * Part 2 - Wall Street’s Sentiments Boosted Energy ETFs * Part 3 - Broader Market Might Have Pushed Oil Higher
- Market Realist•last month
Futures Spread: Less Bearish Sentiments for Oil?
Will Oil Shift to a Higher Gear? (Continued from Prior Part) ## Futures spread On January 7, US crude oil February 2019 futures closed ~$3.1 below the February 2020 futures. On December 31, the futures spread was at a discount of ~$3.2. On December 31–January 7, US crude oil February futures rose 6.8%. ## Bearish sentiments reduced for oil The market sentiment towards the oil demand and supply situation is reflected in the futures spread. A contraction in the discount is usually accompanied by a rise in oil prices. In the last four trading sessions, the spread’s discount contracted and US crude oil prices rose by nearly seven percentage points. China’s dialogue with the US about the trade war and the fall in the US oil rig count, which we discussed in Part 2, might have supported oil prices. With inventories 8% above their five-year average, there might be an expansion in the discount going forward. ## Energy stocks On December 31–January 7, oil-weighted stocks California Resources (CRC), Callon Petroleum (CPE), and Denbury Resources (DNR) rose 20.2%, 21.6%, and 28.7%, respectively, and outperformed their peers. ## Forward curve As of January 7, US crude oil futures contracts for delivery for the next year were priced in ascending order. The price pattern is a negative sign for ETFs that follow US crude oil futures like the ProShares Ultra Bloomberg Crude Oil ETF (UCO) and the United States 12 Month Oil ETF (USL). Browse this series on Market Realist: * Part 1 - Will Oil Shift to a Higher Gear? * Part 2 - US Oil Production Growth Might Be Slower in 2019 * Part 3 - Falling Inventories Didn’t Help Oil’s Rise
- Market Realist•last month
Oil ETFs Rose More than Oil Last Week
What Happened in the Energy Sector Last Week (Continued from Prior Part) ## Oil-tracking ETFs Between December 28 and January 4, the United States Oil ETF (USO), United States 12-Month Oil ETF (USL), and ProShares Ultra Bloomberg Crude Oil ETF (UCO) rose 6.8%, 7.4%, and 14%, respectively. These ETFs track US crude oil futures. USO holds active US crude oil futures, while USL holds US crude oil futures deliverable for each of the next 12 months. UCO tracks daily changes in the Bloomberg WTI Crude Oil Subindex. USO and USL outperformed US crude oil February futures, which rose 5.8% last week. Higher oil prices can boost oil-weighted stocks. California Resources (CRC), Callon Petroleum (CPE), and Denbury Resources (DNR), the strongest oil-weighted stocks, rose 14%, 14%, and 27.3%, respectively, last week. ## Long-term returns and forward curve Between February 11, 2016, and January 4, 2018, US crude oil active futures rose 83% from their 12-year low. USO, USL, and UCO rose 27.4%, 33.3%, and 13%, respectively. A negative roll yield, which occurs when expiring futures’ contract prices are lower than the following month’s futures contract prices, may have caused the lower returns. UCO’s actual and expected returns could also be different due to daily price changes. In a cost-of-carry model, ETFs’ underperformance due to negative roll yields reflects storage costs. On January 4, US crude oil futures for delivery next year closed in ascending order, which could be a negative sign for these ETFs’ returns. Continue to Next Part Browse this series on Market Realist: * Part 1 - What Goldman Sachs Thinks about Oil * Part 2 - Last Week in Review: Energy Outperforms Other Sectors * Part 3 - Last Week’s Top Energy Stocks
- Market Realist•last month
Next Week US Crude Oil Might Close between These Levels
Has Broader Market Limited Energy Sector's Upside? (Continued from Prior Part) ## Oil’s implied volatility On January 3, US crude oil’s implied volatility was 52.5%, which was ~10.5% above its 15-day average. Usually, the higher implied volatility could drag oil prices. You can see the inverse relationship between oil prices and oil’s implied volatility in the following chart. Since reaching a 12-year low in February 2016, US crude oil active futures have risen ~79.7%. Crude oil’s implied volatility has fallen ~30.2% since February 11, 2016. ## Price forecast Between January 4 and January 11, US crude oil futures should close between $43.92 and $50.26 per barrel 68.0% of the time. The forecast is based on crude oil’s implied volatility of 52.5% and assumes a normal distribution of prices. On January 3, US crude oil February futures rose 1.2% and settled at $47.09 per barrel. If US crude oil reaches the higher limit of our price forecast, it would be the highest closing level for active US crude oil futures since December 17. The factors that we discussed in part one might push US crude oil close to this level. Any changes in oil could be a positive development for equity indexes like the S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA). The sentiments in the oil and equity markets are often related. In the previous part of this series, we analyzed the relationship between oil and the equity market. ## Impact on ETFs These price limits could be important for oil-tracking ETFs like the ProShares Ultra Bloomberg Crude Oil ETF (UCO) and the United States 12-Month Oil ETF (USL). In the trailing week, US crude oil February futures rose 5.6%, UCO rose 6.5%, and USL rose 3.9%. Browse this series on Market Realist: * Part 1 - Is a Solid Support Building for Oil? * Part 2 - Broader Market Might Have Limited the Upside in Energy ETFs * Part 3 - Are Wall Street and Oil Moving in Opposite Directions?
- Market Realist•2 months ago
Oil’s Futures Spread: An Interesting Divergence
Oil's Must-Know Drivers in 2019(Continued from Prior Part)Futures spread On December 31, US crude oil February 2019 futures closed ~$3.2 below the February 2020 futures. On December 24, the futures spread was at a discount of ~$3.
Market Realist•2 months agoDid Oil ETFs Outperform Oil Prices Last Week?
On December 21–28, the United States Oil ETF (USO) and the United States 12-Month Oil ETF (USL) fell 0.4% and 0.3%, respectively. The ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell 2.6%. These ETFs track US crude oil futures.
Market Realist•2 months agoWill US Crude Oil Land Closer to $40 Next Week?
On December 27, US crude oil’s implied volatility was 55.5%, which was ~23.1% above its 15-day average. The higher implied volatility might drag oil prices. You can see the inverse relationship between oil prices and oil’s implied volatility in the following chart. Since reaching a 12-year low in February 2016, US crude oil active futures have risen ~70.2%. Crude oil’s implied volatility has fallen ~26.2% since February 11, 2016.
Market Realist•2 months agoFutures Spread Indicates Weakness in Oil Prices
Why Oil Prices Are Helpless(Continued from Prior Part)Futures spread On December 24, US crude oil February 2019 futures closed ~$3.1 below the February 2020 futures. On December 17, the futures spread was at a discount of ~$2.
Market Realist•2 months agoOption Market: Where US Crude Oil Might Be Next Week
On December 20, US crude oil’s implied volatility was 49.6%, which was ~11% below its 15-day average. The higher implied volatility might drag oil prices. You can see the inverse relationship between oil prices and oil’s implied volatility in the following chart. Since reaching a 12-year low in February 2016, US crude oil active futures have risen ~75%. Crude oil’s implied volatility has fallen ~34% since February 11, 2016.
Market Realist•2 months agoFutures Spread: OPEC’s Deal Might Not Impact Oil
On December 17, US crude oil February 2019 futures closed ~$2.5 below the February 2020 futures. On December 10, the futures spread was at a discount of ~$1.4. On December 10–17, US crude oil February futures fell 2%.
Market Realist•2 months agoHow Did US Crude Oil ETFs Perform Last Week?
On December 7–14, the United States Oil ETF (USO) and the United States 12-Month Oil ETF (USL) fell 2.6% and 2.3%, respectively. The ProShares Ultra Bloomberg Crude Oil ETF (UCO) fell 4.9%. These ETFs track US crude oil futures.
Market Realist•2 months agoUS Crude Oil’s Movement: What to Expect Next Week
On December 13, US crude oil’s implied volatility was 37.1%, which was 21.7% below its 15-day average. You can see the inverse relationship between oil prices and oil’s implied volatility in the following chart. Since reaching a 12-year low in February 2016, US crude oil active futures have risen 100.6%. Crude oil’s implied volatility has fallen 50.7% since February 11, 2016.
Market Realist•2 months agoHave OPEC and Non-OPEC Cuts Reduced Bearish Sentiments for Oil?
On December 10, US crude oil January 2019 futures closed ~$1.65 below January 2020 futures. On December 3, the futures spread was at a discount of ~$1.12. From December 3 to 10, US crude oil January futures fell 3.7%.
Market Realist•2 months agoDid Oil-Tracking ETFs Outperform Oil Last Week?
On November 30–December 7, the United States Oil ETF (USO) and the United States 12-Month Oil ETF (USL) rose 3.5% and 4.6%, respectively. The ProShares Ultra Bloomberg Crude Oil ETF (UCO) rose 6.7%. These ETFs track US crude oil futures.
