ETF Trends
06-13-2008, 04:30 PM
ETF Trends - Keeping a Grip on Exchange Traded Funds (ETFs)
http://www.etftrends.com/images/2008/06/13/opec.jpg The price of oil and related exchange traded funds (ETFs) are taking a dip today after the Organization of the Petroleum Exporting Countries (OPEC) issued their monthly report. The group is questioning whether crude can remain so high through the rest of the year.
Adam Schreck of AP reports (http://biz.yahoo.com/ap/080613/oil_prices.html?printer=1) that OPEC believes that the current price levels don't reflect the supply an demand realities. The group lowered its 2008 global demand forecast from an increase of 1.35% to 1.28%. They also believe the current production rate and extra supply from Saudi Arabia should lead to rising inventories.
OPEC points to the weakness of the U.S. dollar, political tension and speculation as the main culprits of the rise in price.
OPEC's report sent oil and related ETFs down today.
United States Oil (USO (http://finance.yahoo.com/q?s=uso)) - down 1.8% in mid-day trading; up 46.8% year-to-date
iPath S&P GSCI Crude Oil Total Return Index ETN (OIL (http://finance.yahoo.com/q?s=oil)) - down 1.5% in mid-day trading; up 46.4% year-to-date
United States Gasoline Fund (UGA (http://finance.yahoo.com/q?s=uga)) - down 1.8% in mid-day trading; up 32.3% since February inception http://www.etftrends.com/images/2008/06/13/oiletfchart.png
complete story here... (http://feeds.feedburner.com/~r/etftrends-feed/~3/311346258/opec-questions.html)
http://www.etftrends.com/images/2008/06/13/opec.jpg The price of oil and related exchange traded funds (ETFs) are taking a dip today after the Organization of the Petroleum Exporting Countries (OPEC) issued their monthly report. The group is questioning whether crude can remain so high through the rest of the year.
Adam Schreck of AP reports (http://biz.yahoo.com/ap/080613/oil_prices.html?printer=1) that OPEC believes that the current price levels don't reflect the supply an demand realities. The group lowered its 2008 global demand forecast from an increase of 1.35% to 1.28%. They also believe the current production rate and extra supply from Saudi Arabia should lead to rising inventories.
OPEC points to the weakness of the U.S. dollar, political tension and speculation as the main culprits of the rise in price.
OPEC's report sent oil and related ETFs down today.
United States Oil (USO (http://finance.yahoo.com/q?s=uso)) - down 1.8% in mid-day trading; up 46.8% year-to-date
iPath S&P GSCI Crude Oil Total Return Index ETN (OIL (http://finance.yahoo.com/q?s=oil)) - down 1.5% in mid-day trading; up 46.4% year-to-date
United States Gasoline Fund (UGA (http://finance.yahoo.com/q?s=uga)) - down 1.8% in mid-day trading; up 32.3% since February inception http://www.etftrends.com/images/2008/06/13/oiletfchart.png
complete story here... (http://feeds.feedburner.com/~r/etftrends-feed/~3/311346258/opec-questions.html)