United States Brent Oil Fund (NYSEARCA:BNO) Trading Down 3.7% – Time to Sell?

United States Brent Oil Fund LP (NYSEARCA:BNO)’s stock price fell 3.7% during mid-day trading on Tuesday . The stock traded as low as $50.68 and last traded at $50.85. Approximately 1,019,109 shares changed hands during trading, a decline of 72% from the average daily volume of 3,625,219 shares. The stock had previously closed at $52.78.

Key Stories Impacting United States Brent Oil Fund

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

• Positive Sentiment: Diesel inventories remain tight while oil flows through the Strait of Hormuz recover only gradually. The constrained refined-fuel market could support Brent prices and BNO, even as broader crude prices remain vulnerable. Natural Gas and Oil Forecast: Diesel Stocks Tighten as Hormuz Flows Slowly Recover
• Positive Sentiment: Questions are emerging over whether investors have underestimated the lasting demand and supply effects of the Iran conflict. A disruption that persists beyond an initial price spike would provide an upside risk for Brent and BNO. Are We Misreading The Oil Demand Shock From Hormuz?
• Neutral Sentiment: U.S. commercial crude inventories posted only a modest weekly increase, suggesting no major domestic oversupply but also offering limited immediate support for prices. U.S. Crude Oil Inventories See Modest Weekly Build
• Neutral Sentiment: Additional South Sudanese crude entered the marine-fuel blending market as Chinese refinery demand eased. The development adds some regional supply but is not a decisive change for global Brent fundamentals. More Sudanese oil available for marine fuel blending as China demand eases
• Negative Sentiment: Oil prices have extended several sessions of losses as Iran-Qatar and Iran-Oman discussions raise expectations that the Strait of Hormuz could reopen and supply disruptions could ease. That declining geopolitical premium is the main headwind for BNO. Oil prices extend losses on expectations talks to ease Middle East supply woes
• Negative Sentiment: China’s softer refining demand, easing sanctions concerns and prospects for expanded Alaska drilling add to the broader supply-and-demand pressure weighing on Brent. US preparing to ease environmental reviews for Alaska oil and gas drilling

United States Brent Oil Fund Trading Up 0.6%

The company has a fifty day simple moving average of $46.97 and a 200 day simple moving average of $47.41.

Hedge Funds Weigh In On United States Brent Oil Fund

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in United States Brent Oil Fund in the second quarter valued at approximately $456,000. Chemistry Wealth Management LLC bought a new position in United States Brent Oil Fund during the 2nd quarter worth approximately $257,000. NewEdge Advisors LLC bought a new position in United States Brent Oil Fund during the 1st quarter worth approximately $1,776,000. Royal Bank of Canada lifted its position in shares of United States Brent Oil Fund by 49.3% in the 1st quarter. Royal Bank of Canada now owns 5,974 shares of the company’s stock worth $310,000 after purchasing an additional 1,974 shares during the period. Finally, Empowered Funds LLC acquired a new position in shares of United States Brent Oil Fund in the 1st quarter worth approximately $2,872,000.

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.