The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) closed at $15.39 on January 10th, down 5.87%, as crude oil prices surged due to fresh U.S. sanctions on Russia and increased winter demand. Brent crude oil hit $80 a barrel for the first time since October, driven by the U.S. targeting Russian oil producers and maritime insurance providers, which threatens to tighten global supply. The sanctions, announ
Crude oil prices have surged, driven by a combination of supply risks and increased winter demand, which has significantly impacted the ProShares UltraShort Bloomberg Crude Oil ETF (SCO). The rally in oil prices is primarily attributed to the breakout above the 200-day moving average, with traders targeting higher resistance levels. The market is also reacting to potential U.S. sanctions on Russia and Iran,
The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) closed at $17.67 on December 24, 2024, down 1.23% as crude oil prices climbed amid thin pre-holiday trading. West Texas Intermediate (WTI) crude rose 1.1% to $70.02 per barrel, supported by positive U.S. economic data and expectations of increased demand from China following a planned 3 trillion Yuan stimulus. The U.S. economy showed resilience with a s
Crude oil markets are experiencing a modest uptick in pre-holiday trading on December 24, 2024, driven by a mix of geopolitical concerns and expectations of a potential crude surplus. Analysts from Sevens Report Research highlight that ongoing geopolitical tensions, particularly the Russia-Ukraine conflict and Israel's disputes with Iranian proxy groups, are maintaining a level of fear in the market. This g
The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) closed at $18.84 on December 6, 2024, up 2.5% as crude oil prices faced downward pressure amid OPEC+'s decision to delay output normalization. West Texas Intermediate (WTI) crude traded at approximately $67.35 per barrel, reflecting a persistent supply glut exacerbated by increased U.S. drilling activity, with the rig count rising by seven to 589. The U
Crude oil markets are experiencing significant downward pressure, primarily due to OPEC+'s recent decision to delay its output normalization by three months. This move, while expected, has not alleviated concerns about the ongoing supply glut in the market. As a result, oil prices have continued to slide, with West Texas Intermediate (WTI) crude trading at around $67.35 per barrel as of December 6, 2024. Th
The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) is experiencing upward movement due to several factors impacting the crude oil market. A significant development is the recent increase in U.S. oil production, which reached a record high of 13.513 million barrels per day, as reported by the Energy Information Administration. This surge in production comes despite OPEC+ extending production cuts, highli
The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) is experiencing upward movement due to a combination of factors affecting the crude oil market. On December 6, 2024, oil prices faced downward pressure as concerns about a supply surplus persisted despite OPEC+'s decision to extend production cuts. Analysts have noted that the market remains bearish, with Brent crude futures set to drop 2% for the week
Crude oil markets are experiencing notable volatility, driven by a combination of OPEC+ decisions and unexpected trading activities. On December 6, 2024, OPEC+ announced the extension of its deep output cuts until the end of 2026, citing concerns over weakening global demand. This decision comes amid weak demand signals from China and increased production in the U.S., which have contributed to a bearish out
The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) saw an uptick as crude oil prices remained stagnant following OPEC+'s decision to delay planned production increases. On December 5, 2024, OPEC+ announced that it would postpone the gradual restoration of 2.2 million barrels per day in production cuts until April 2025, extending the cuts into 2026. This decision comes amid weaker-than-expected demand fr
Crude oil prices experienced a notable decline on December 4, 2024, as market participants anticipated the upcoming OPEC+ meeting scheduled for December 5. The meeting is expected to address whether to extend production cuts into early 2025 amid ongoing concerns about weak global demand. This uncertainty has led to a retreat in oil prices, with Brent crude falling 1.81% to $72.31 per barrel and West Texas I
Crude oil markets are currently experiencing a complex interplay of geopolitical tensions and supply dynamics, which are influencing the underlying assets tracked by the ProShares UltraShort Bloomberg Crude Oil ETF (SCO). Recent developments suggest that OPEC+ may delay its planned production increase by three months, a move that has contributed to a stabilization of crude oil prices. This potential delay,
Crude oil markets are experiencing a complex interplay of factors that are influencing price movements. On December 4, 2024, oil prices have been affected by a mix of geopolitical tensions and supply dynamics. OPEC+ is reportedly considering delaying its planned production increase, which has contributed to a stabilization of crude oil prices. This potential delay comes amid ongoing geopolitical tensions, i
Crude oil markets are experiencing heightened volatility as traders anticipate the outcome of the OPEC+ meeting scheduled for December 5, 2024. The market is reacting to geopolitical tensions, particularly threats from U.S. President-elect Donald Trump regarding potential military action in the Middle East if Israeli hostages are not released. This has added a layer of uncertainty, causing oil prices to flu
Crude oil prices experienced a notable rise on December 3, 2024, driven by a combination of factors including dollar weakness and geopolitical developments. The North Sea oil market saw its largest trading activity in 16 years, with eight cargoes, equivalent to about 5.6 million barrels, changing hands. This unusual trading frenzy in December, typically a quieter month, has added to the uncertainty surround
Crude oil prices have been on the rise, driven by several key factors influencing the market. On December 3, 2024, WTI crude oil futures surged over 2.5% to reach $70 per barrel. This increase is largely attributed to new U.S. sanctions on Iranian oil, which have tightened supply expectations. Additionally, OPEC+ is reportedly close to extending its production cuts for another three months, calming fears of
Crude oil prices are experiencing upward momentum due to several key factors influencing the market. A significant driver is the anticipation of the OPEC+ meeting on December 5, where the coalition is expected to discuss extending current production cuts into the first quarter of 2025. This potential extension is supported by compliance from major producers like Russia and Iraq, as reported by analysts. Add
The ProShares UltraShort Bloomberg Crude Oil ETF (SCO) is experiencing notable price movement due to a confluence of factors impacting the crude oil market. A significant trading frenzy in the North Sea crude market has added uncertainty to oil prices, with eight cargoes, equivalent to about 5.6 million barrels, changing hands in a single day. This unusual activity, especially in December when trading typic
Crude oil prices are experiencing upward pressure as market participants anticipate the outcome of the OPEC+ meeting scheduled for December 6, 2024. The meeting is expected to address the potential delay of a planned increase in oil production, marking the third such postponement. This delay is largely anticipated by the market, as indicated by recent reports suggesting a three-month extension. Additionally
Crude oil markets are experiencing a notable uptick as traders anticipate the outcome of the OPEC+ meeting scheduled for December 5, 2024. The coalition is expected to extend its production cuts into the first quarter of 2024, with improved compliance from key producers like Russia and Iraq. This potential extension is fueling optimism among traders, pushing crude oil futures near a critical resistance leve