ProShares Ultra Bloomberg Crude Oil (NYSEARCA:UCO) Shares Pass Above 200 Day Moving Average – Here’s What Happened

Shares of ProShares Ultra Bloomberg Crude Oil (NYSEARCA:UCO) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $28.12 and traded as high as $49.46. ProShares Ultra Bloomberg Crude Oil shares last traded at $48.14, with a volume of 2,743,799 shares changing hands.

Key Stories Impacting ProShares Ultra Bloomberg Crude Oil

Here are the key news stories impacting ProShares Ultra Bloomberg Crude Oil this week:

• Positive Sentiment: Oil futures jumped after President Trump warned Iran over the Strait of Hormuz, reinforcing fears of shipping disruptions and supporting crude prices. Oil News: Crude Oil Futures Surge as Trump Warns Iran Over Hormuz
• Positive Sentiment: Market commentary says Brent and WTI remain supported by continued Middle East supply concerns, while traders still see upside if Hormuz flows stay limited. Oil Price Forecast: Trump-Xi Talks and Hormuz Risk Keep Brent Above $100
• Positive Sentiment: Reuters reported that oil prices rose as fears of ship attacks and seizures persisted, underscoring the risk premium that benefits leveraged crude ETFs like UCO. Oil rises as fears of ship attacks and seizures persist
• Neutral Sentiment: China and the U.S. reportedly helped ease the oil shock by boosting exports and cutting imports, which may temper how far prices can run. How China and U.S. eased the Middle East oil shock and kept prices from spiking even higher
• Neutral Sentiment: Some reports note the UAE is accelerating pipeline projects and other countries are working around Hormuz, which could help reduce future supply bottlenecks. UAE to accelerate oil pipeline project to help bypass Hormuz
• Negative Sentiment: One Reuters report said Trump discussed potentially lifting sanctions on Chinese refiners buying Iranian oil, a move that could eventually ease restrictions and pressure crude prices lower. Trump discussed sanctioned Chinese oil refiners with Xi, considering lifting bans

ProShares Ultra Bloomberg Crude Oil Price Performance

The company’s 50 day simple moving average is $41.56 and its 200 day simple moving average is $28.46.

Hedge Funds Weigh In On ProShares Ultra Bloomberg Crude Oil

Several hedge funds have recently modified their holdings of UCO. Two Sigma Securities LLC lifted its position in shares of ProShares Ultra Bloomberg Crude Oil by 25.8% during the 2nd quarter. Two Sigma Securities LLC now owns 13,583 shares of the exchange traded fund’s stock worth $304,000 after buying an additional 2,785 shares in the last quarter. JPMorgan Chase & Co. bought a new position in ProShares Ultra Bloomberg Crude Oil in the 3rd quarter valued at $191,000. Connective Capital Management LLC bought a new position in ProShares Ultra Bloomberg Crude Oil in the 3rd quarter valued at $159,000. Spire Wealth Management grew its stake in ProShares Ultra Bloomberg Crude Oil by 180.5% in the 4th quarter. Spire Wealth Management now owns 18,802 shares of the exchange traded fund’s stock valued at $363,000 after purchasing an additional 12,100 shares during the period. Finally, Baker Avenue Asset Management LP grew its stake in ProShares Ultra Bloomberg Crude Oil by 52.8% in the 4th quarter. Baker Avenue Asset Management LP now owns 115,750 shares of the exchange traded fund’s stock valued at $2,236,000 after purchasing an additional 40,000 shares during the period.

ProShares Ultra Bloomberg Crude Oil Company Profile

ProShares Ultra DJ-UBS Crude Oil seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones UBS Crude Oil Sub-Index. The Dow Jones-UBS Crude Oil Sub-Index is intended to reflect the performance of crude oil as measured by the price of futures contracts of sweet, light crude oil traded on the New York Mercantile Exchange (the NYMEX), including roll costs, without regard to income earned on cash positions.