Correlated Stock Forecasts

Assets that tend to move strongly with USO


OIL Forecast   ZC SP ETN REDEEM 18/04/2041 USD 50 (1.0)


UCO Forecast   ProShares Ultra Bloomberg Crude Oil (1.0)


UGA Forecast   United States Commodity Funds (0.99)


BCM Forecast   ZC SP ETN REDEEM 18/04/2041 USD 50 (0.99)


XOP Forecast   SPDR Oil & Gas Exploration and Production (0.97)



Anticorrelated Stock Forecasts

Assets that tend to move strongly against USO


SCO Forecast   ProShares UltraShort Bloomberg Crude Oil (-0.99)


IEF Forecast   BTC iShares 7-10 Year Tre (-0.96)


DRIP Forecast   Direxion Daily S&P Oil & Gas Exp. & Prod. (-0.96)


AGG Forecast   BTC iShares Core U.S. Agg (-0.94)


BURL Forecast   Burlington Stores (-0.94)










United States Commodity Funds Forecast

United States Commodity Funds (USO)
BULLISH*

                           

Complement Helium's AI USO Forecast with Balanced News to Deepen Your Understanding

5 ETFs Outperforming as Commodity Gauge Hits New High

Commodities have been on a hot streak this year, buoyed by the shortage of energy and food supplies amid higher demand. This is especially true as the Bloomberg Commodity Spot Index, which tracks prices for 23 raw materials, hit the highest-ever level. Most of the rally was driven by a jump in natural gas and wheat prices amid renewed supply fears. The gauge is up 36% this year, heading for the biggest annual advance in more than a decade.While most commodity ETFs have been soaring, United States Natural Gas Fund UNG, United States Gasoline ETF UGA, United States Brent Oil Fund BNO, Teucrium Wheat Fund WEAT and iPath Series B Bloomberg Nickel Subindex Total Return ETN JJN have been the show stealers this year.A wide range of raw materials is soaring thanks to massive stimulus spending, production cuts and widespread bottlenecks across supply chains. Skyrocketing inflation that compelled central banks to raise interest rates along with the Russia’s invasion of Ukraine has further disrupted energy and grain supplies in an already-tight commodity market (read: Tap Rising Grocery Prices With These ETFs).On the other hand, the roll back of COVID-19 lockdowns in China has raised the demand for raw materials. Additionally, the combination of other factors such as increased demand for electric vehicles and green energy are creating a sustained surge in demand for relevant raw materials.Notably, the Bloomberg spot energy subindex has skyrocketed more than 92% year to date, reaching the highest level since at least 1992, while a gauge tracking agricultural prices has gained 24%.Further, the commodity futures market is in a state of backwardation, where later-dated contracts are cheaper than near-term contracts, which has erased worries about roll costs and supported the rally. This signals that the commodity market is tightening and demand is robust, paving the way for a rally. This trend is likely to persist, at least in the near term, acting as the biggest catalyst for th...
Yahoo     Jun 07, 2022