Today, United States Oil Fund, LP (NYSE Arca:NYSE:USO), a commodity exchange-traded product, disclosed its monthly account statement for August 2024, providing insights into its financial performance. The report, which includes a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, is available on the company's website.
The document, released in compliance with Rule 4.22 under the Commodity Exchange Act, is not considered filed under the Securities Exchange Act of 1934 and is not to be used for such purposes. Furthermore, it is not incorporated by reference into any filings under the Securities Act of 1933, except as directly referenced in such filings.
The United States Oil Fund, originally known as New York Oil ETF, LP before its name change on May 13, 2005, operates as a Delaware limited partnership. It is managed by United States Commodity Funds LLC, which is responsible for the fund's operations. The fund's business and mailing addresses are located at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California.
This financial update follows standard regulatory procedures and provides investors with the latest available data regarding the fund's financial status as of the end of August 2024. The United States Oil Fund is known for tracking the daily price movements of West Texas Intermediate light, sweet crude oil and is a popular investment vehicle for those looking to gain exposure to energy commodities.
The information provided in this update is based on a press release statement and aims to present a clear and factual account of the United States Oil Fund's monthly financials without any bias or promotional language.
In other recent news, the United States Oil Fund, LP disclosed its monthly financial statements for July and June 2024. These reports, released under the Commodity Exchange Act's Rule 4.22, detail the fund's income, losses, and changes in net asset value, offering valuable insights for investors tracking oil market dynamics. The United States Oil Fund, managed by United States Commodity Funds LLC, follows a standard practice of providing monthly updates to keep the market informed of its financial status.
Additionally, the fund has released its financial statement for May 2024. These documents, crucial for investors monitoring the oil sector, are accessible on the United States Oil Fund's website. In related developments, Roth/MKM revised their West Texas Intermediate crude oil price forecast for 2024 upward by 6% to $82 per barrel.
Goldman Sachs strategists have also noted the positive influence of a 16% year-to-date increase in Brent crude oil prices on the energy sector's performance. Furthermore, 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.
InvestingPro Insights
The United States Oil Fund's (USO) recent financial disclosure aligns with several key metrics and insights from InvestingPro. As of the latest data, USO boasts a market capitalization of $1.2 billion, reflecting its significant presence in the commodity ETF space. The fund's performance has been robust, with a remarkable revenue growth of 188.34% over the last twelve months, and an even more impressive 170.41% growth in the most recent quarter.
InvestingPro Tips highlight that USO has been profitable over the last twelve months, with a low P/E ratio of 4.58, indicating potential undervaluation relative to its earnings. This profitability is further underscored by the fund's strong financial position, as liquid assets exceed short-term obligations. However, investors should note that USO does not pay dividends, which may be a consideration for income-focused portfolios.
The fund's recent price movements show mixed results, with a year-to-date return of 5.43% but a one-year total return of -13.1%. This volatility is characteristic of oil-linked investments and reflects the broader energy market dynamics that USO aims to track.
For investors seeking a deeper understanding of USO's performance and potential, InvestingPro offers additional tips and metrics beyond those mentioned here. The platform provides a comprehensive analysis that can aid in making informed investment decisions in the volatile energy commodities market.
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