United States Brent Oil Fund (NYSEARCA:BNO) Shares Gap Down – Should You Sell?

United States Brent Oil Fund LP (NYSEARCA:BNO) gapped down before the market opened on Tuesday . The stock had previously closed at $46.05, but opened at $44.29. United States Brent Oil Fund shares last traded at $44.47, with a volume of 682,935 shares changing hands.

United States Brent Oil Fund News Roundup

Here are the key news stories impacting United States Brent Oil Fund this week:

• Positive Sentiment: Some analysts still see a floor under oil because tanker operators and market participants remain cautious about how quickly shipping through the Strait of Hormuz can fully resume, which could keep volatility elevated. Spot oil premiums slip to pre-war levels after US-Iran deal, but shipping angst provides floor
• Positive Sentiment: One market strategist said Hormuz flows may not fully normalize until later this year, suggesting the supply recovery could take longer than the most bearish forecasts imply. Jeff Currie Says Hormuz Flows May Not Normalize Until End of the Year
• Neutral Sentiment: Brent has also been supported at times by technical rebounds after the sharp selloff, showing traders are still reacting to headlines rather than a clear new supply-demand trend. Oil Futures Rise on Likely Technical Recovery
• Negative Sentiment: Goldman Sachs and Morgan Stanley cut oil-price forecasts on expectations that Persian Gulf supply will return to prewar levels faster than previously thought, which is bearish for Brent and BNO. Major Wall Street Banks Cut Oil-Price Forecasts on Faster Gulf Supply Recovery
• Negative Sentiment: Multiple reports say oil prices fell further as President Trump said the Strait of Hormuz could reopen this week, reinforcing expectations of lower geopolitical risk and looser supply conditions. Oil Prices Fall Further as Trump Says Strait of Hormuz Will Reopen This Week
• Negative Sentiment: Reuters and other outlets reported that oil slipped sharply after the U.S.-Iran deal, with the reopening of Hormuz and a reduction in war risk weighing on crude benchmarks. Oil slips over 4% after US, Iran reach peace deal, reopen Strait of Hormuz

United States Brent Oil Fund Trading Down 4.1%

The stock has a fifty day moving average of $52.55 and a two-hundred day moving average of $41.03.

Hedge Funds Weigh In On United States Brent Oil Fund

A number of large investors have recently bought and sold shares of the stock. Harvest Fund Management Co. Ltd increased its stake in United States Brent Oil Fund by 35.8% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 337,192 shares of the company’s stock worth $9,549,000 after purchasing an additional 88,905 shares during the period. Jump Financial LLC purchased a new position in United States Brent Oil Fund in the 3rd quarter worth approximately $4,303,000. Ruffer LLP purchased a new position in United States Brent Oil Fund in the 4th quarter worth approximately $3,019,000. Virtu Financial LLC purchased a new position in United States Brent Oil Fund in the 3rd quarter worth approximately $2,865,000. Finally, Daiwa Securities Group Inc. increased its stake in shares of United States Brent Oil Fund by 12.6% during the fourth quarter. Daiwa Securities Group Inc. now owns 78,000 shares of the company’s stock valued at $2,209,000 after buying an additional 8,700 shares during the period.

United States Brent Oil Fund Company Profile

The United States Brent Oil Fund, LP (BNO) is an exchange-traded fund that is based on the Front Month Brent Crude Oil index. The fund tracks the Brent oil spot price using near-month ICE futures contracts. BNO was launched on Jun 2, 2010 and is managed by US Commodity Funds.