Today, the United States Oil Fund, LP (NYSE Arca: NYSE:), disclosed its monthly financial statement for September 2024, delivering a snapshot of its performance to investors. The report, which includes a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, comes as part of the fund’s regular disclosures in compliance with the Commodity Exchange Act Rule 4.22.
The document, now accessible on the United States Commodity Funds LLC website, details the fund’s financial activity, offering transparency into income, losses, and net asset value changes over the past month. The United States Oil Fund, which operates as a commodity pool, allows investors to gain exposure to the price movements of .
In accordance with regulatory standards, the information provided in the report, furnished as Exhibit 99.1 in the Form 8-K filing, is not “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not subject to the liabilities of that section. Additionally, the information should not be considered incorporated by reference into any filings under the Securities Act of 1933, except as explicitly stated in such filings.
The United States Oil Fund, initially known as the New York Oil ETF, LP until its name change on May 13, 2005, is incorporated in Delaware and lists its principal executive offices in Walnut Creek, California. The fund has elected Stuart P. Crumbaugh as its Chief Financial Officer, who signed off on the report dated today.
In other recent news, United States Oil Fund, LP disclosed its monthly financial statements for August, July, and June 2024. The reports, released in compliance with Rule 4.22 under the Commodity Exchange Act, detail the fund’s income, losses, and changes in net asset value, providing 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.
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 highlighted the positive influence of a 16% year-to-date increase in 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. These are some of the recent developments concerning the United States Oil Fund, LP.
InvestingPro Insights
The United States Oil Fund’s (USO) recent financial statement release can be complemented with additional insights from InvestingPro. As of the latest data, USO boasts a market capitalization of $1.21 billion, reflecting its significant presence in the oil-tracking ETF space. The fund’s performance metrics show a mixed picture, with a year-to-date price total return of 5.67%, contrasting with a one-year return of -10.12%.
InvestingPro Tips highlight that USO has been profitable over the last twelve months, with a notably low P/E ratio of 4.58, indicating potential undervaluation relative to its earnings. This profitability is further underscored by the fund’s impressive revenue growth, which stands at 188.34% for the last twelve months as of Q2 2024.
It’s worth noting that while USO provides exposure to oil price movements, it does not pay dividends to shareholders, as pointed out by another InvestingPro Tip. This characteristic aligns with its nature as a commodity-tracking fund focused on capital appreciation rather than income generation.
For investors seeking a deeper understanding of USO’s financial health and market position, InvestingPro offers 4 additional tips, providing a more comprehensive analysis to inform investment strategies in the volatile oil market.
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