USO, United States Oil Fund, and UNG, United States Natural Gas, energy ETFs Post Mixed Week amidst global equity declines.
Energy ETFs, including United States Oil Fund (NYSEARCA:USO) and United States Natural Gas Fund (NYSEARCA:UNG) posted mixed results as most energy ETFs (NYSEARCA:XLE) declined for the week.
It was a rough week for global equity markets as investors considered the ramifications of the election results and the “fiscal cliff” returned to the front burner of investors’ concerns. The week ahead will likely also be volatile as negotiations get underway at the White House surrounding the fiscal cliff and more important economic reports pour in. ETFs and Stocks Face Fiscal Cliff, Apple Bear and More
chart courtesy of StockCharts.com
In the chart of United States Oil Fund (NYSEARCA:USO) above, we can see how the oil ETF has been in decline, then formed a bottom in the last few days but still remains well below its 50 and 200 day moving averages, indicating bear market conditions. Energy ETFs and oil have been hammered by concerns over global growth, recession in Europe and the possibility of the U.S. going over the “fiscal cliff” and reentering another recession.
Energy ETFs Weekly Update:
Oil Spot Price: $85.98/bbl
United States Oil Fund LP ETF (NYSEARCA:USO): +1.2%%, This ETF is a commodity based ETF designed to track the price of West Texas Intermediate Crude Oil. The United States Oil Fund LP ETF (NYSEARCA:USO) reflects the price of oil delivered to Cushing, Oklahoma and is traded as futures contracts on The New York Mercantile Exchange (NYMEX).