Today, the United States Oil Fund, LP (NYSE Arca:NYSE:USO), a commodity exchange-traded product, disclosed its monthly financial statement for July 2024. The report, which includes a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, was released in accordance with Rule 4.22 under the Commodity Exchange Act.
The financial statement indicates the performance of the fund over the past month, providing investors with insights into income, losses, and net asset value changes. This information is particularly relevant for investors tracking commodity markets, as the fund's performance is closely tied to the oil market dynamics.
The United States Oil Fund, LP, formerly known as New York Oil ETF, LP, operates as a Delaware limited partnership with a fiscal year-end on December 31. The fund's business address is located in Walnut Creek, California, and it is managed by United States Commodity Funds LLC.
The financial details of the report have not been deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor will they be subject to the liabilities of that section. Additionally, the information should not be considered incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such a filing.
Investors and interested parties can access the monthly account statement on the United States Oil Fund's website at www.uscfinvestments.com. The release of this financial statement follows the fund's standard practice of providing monthly updates to keep the market informed of its financial status.
This news is based on a press release statement.
In other recent news, the United States Oil Fund, LP has released its monthly financial statements for June and May 2024, providing detailed presentations of the fund's income and changes in net asset value.
These statements, required under Rule 4.22 of the Commodity Exchange Act, offer crucial insights for investors tracking the performance of the oil sector.
In related developments, Roth/MKM has revised their West Texas Intermediate crude oil price forecast for 2024 upward by 6% to $82 per barrel.
Goldman Sachs strategists have also highlighted the positive influence of a 16% year-to-date increase in Brent crude oil prices on the energy sector's performance.
Meanwhile, Colorado State University anticipates an "extremely active" Atlantic hurricane season for 2024, a factor that could potentially impact energy companies operating in the U.S. Gulf of Mexico. These recent developments underscore the dynamic environment in which the United States Oil Fund operates.
InvestingPro Insights
The latest financial statement from the United States Oil Fund, LP (NYSE Arca:USO) offers a clear view of its performance, but for investors seeking a deeper analysis, InvestingPro provides additional context. With a market capitalization of $1.31 billion, USO's P/E ratio stands at a modest 4.58, suggesting that the stock may be undervalued relative to its earnings. The fund's revenue has seen an impressive growth, with a surge of 188.34% in the last twelve months as of Q2 2024, highlighting its significant expansion during this period.
InvestingPro Tips indicate that while USO's valuation implies a poor free cash flow yield, the fund has a solid financial footing as its liquid assets exceed short-term obligations. Additionally, USO has been profitable over the last twelve months, which may reassure investors looking for stability in earnings. However, it's important to note that USO does not pay a dividend, which might be a consideration for income-focused investors. For those looking for a comprehensive investment analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/USO.
Investors tracking the United States Oil Fund's progress will also find the recent price movements informative. As of the latest data, USO's price is at 91.7% of its 52-week high, suggesting a strong performance in the market. Over the past year, the fund has delivered a total return of 5.63%, with year-to-date figures showing an even more robust 14.76% return, reflecting the fund's resilience and potential for growth amidst fluctuating oil market dynamics.
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