Stock Traders Buy Large Volume of United States Brent Oil Fund Call Options (NYSEARCA:BNO)

United States Brent Oil Fund LP (NYSEARCA:BNO) was the recipient of some unusual options trading on Wednesday. Stock traders purchased 15,482 call options on the stock. This is an increase of 33% compared to the typical daily volume of 11,662 call options.

United States Brent Oil Fund Price Performance

Shares of NYSEARCA BNO traded down $4.39 during mid-day trading on Wednesday, hitting $53.79. The stock had a trading volume of 2,898,844 shares, compared to its average volume of 4,531,523. The company has a 50 day moving average of $47.84 and a two-hundred day moving average of $36.07. United States Brent Oil Fund has a twelve month low of $25.79 and a twelve month high of $60.81.

Trending Headlines about United States Brent Oil Fund

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

• Positive Sentiment: Goldman Sachs warns global oil stocks are approaching an eight?year low, underscoring supply tightness that supports Brent and therefore BNO. Goldman: global oil stocks approaching eight-year low
• Positive Sentiment: Chevron’s CEO warned physical shortages could begin to appear because of Strait of Hormuz disruptions — a fundamental bullish factor for Brent/BNO if the route remains constrained. Chevron CEO: physical shortages to begin appearing
• Positive Sentiment: U.S. crude and product inventories have fallen in recent weeks, which supports benchmark prices over the near term. U.S. crude, products inventories seen down
• Neutral Sentiment: Technical and market forecasts show Brent and WTI near key levels — models suggest both the potential for further upside if supply concerns re?intensify and the risk of a correction if sentiment normalizes. FXEmpire: WTI reclaims $100, Brent at $108
• Neutral Sentiment: Other technical commentary highlights critical support/resistance that could define the next move for crude — useful for traders watching BNO for short?term setups. FXEmpire: key levels define next move
• Negative Sentiment: President Trump said “great progress” toward an agreement with Iran and announced a pause to the Strait of Hormuz escort effort, calming near?term conflict risk and pushing Brent (and BNO) down. Barron’s: Trump Says Iran War Agreement Is Close
• Negative Sentiment: News that the U.S. stepped back from escalation and that risk sentiment improved sent oil lower as markets priced out an immediate supply shock. WSJ: Oil Falls as U.S. Avoids Iran Escalation
• Negative Sentiment: Saudi Aramco cut its Arab Light June OSP for Asia, a producer pricing move that can weigh on benchmark crude sentiment. Reuters: Saudi Arabia cuts Arab Light June OSP for Asia
• Negative Sentiment: Diplomatic engagement — Iran’s foreign minister meeting China’s top diplomat — adds to signs of de?escalation, reducing the premium for disruption that had been supporting oil. Forbes: Iran and China’s foreign ministers meet

Hedge Funds Weigh In On United States Brent Oil Fund

Several hedge funds have recently made changes to their positions in the company. Ball & Co Wealth Management Inc. acquired a new position in shares of United States Brent Oil Fund in the 1st quarter valued at $56,000. JPMorgan Chase & Co. increased its position in shares of United States Brent Oil Fund by 7.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 20,896 shares of the company’s stock valued at $628,000 after acquiring an additional 1,378 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of United States Brent Oil Fund by 60.7% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 6,654 shares of the company’s stock valued at $194,000 after acquiring an additional 2,514 shares during the period. BNP Paribas Financial Markets increased its position in shares of United States Brent Oil Fund by 17.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 19,530 shares of the company’s stock valued at $587,000 after acquiring an additional 2,893 shares during the period. Finally, Kestra Advisory Services LLC increased its position in shares of United States Brent Oil Fund by 60.0% in the 1st quarter. Kestra Advisory Services LLC now owns 8,422 shares of the company’s stock valued at $438,000 after acquiring an additional 3,157 shares during the period.

About United States Brent Oil Fund

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.