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MicroSectorsTM Oil & Gas Exploration & Production 3X Leveraged ETNs (OILU)

NYSE
Currency in USD
31.72
+0.49(+1.57%)
Closed
Pre Market
31.720.00(0.00%)

OILU Comments

Oil is heading toward $20. This is to punish Saudia Arabia for making peace with Iran. Puts pressure on Russia too . Besides , oil reserves need to be filled up at a lower price.
"U.S. bill pressuring OPEC+ after oil production cut gains momentum" https://www.investing.com/news/commodities-news/republican-us-senator-seeks-to-put-bill-pressuring-opec-onto-defense-bill-2906780
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Opec + is already near max capacity, they just dont want to admit it- so they play the tough guy pushing supposed production cuts because inevitable their production is going down
WTI Trading Range $76-$88/BBL Oct/Nov '22. Heading Down before Up
At the President’s direction, the Department of Energy will deliver another 10 million barrels from the Strategic Petroleum Reserve to the market next month, continuing the historic releases the President ordered in March. The President will continue to direct SPR releases as appropriate to protect American consumers and promote energy security, and he is directing the Secretary of Energy to explore any additional responsible actions to continue increasing domestic production in the immediate term.The President is also calling on U.S. energy companies to keep bringing pump prices down by closing the historically large gap between wholesale and retail gas prices — so that American consumers are paying less at the pump.
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There will be unintended consequences to depleting SPR prematurely
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