ProShares Ultra Bloomberg Crude Oil (NYSEARCA:UCO) Share Price Cross Above 200-Day Moving Average – What’s Next?

Shares of ProShares Ultra Bloomberg Crude Oil (NYSEARCA:UCO) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $31.15 and traded as high as $45.49. ProShares Ultra Bloomberg Crude Oil shares last traded at $44.81, with a volume of 1,357,390 shares.

Key Stories Impacting ProShares Ultra Bloomberg Crude Oil

Here are the key news stories impacting ProShares Ultra Bloomberg Crude Oil this week:

• Positive Sentiment: Reuters reported that global oil inventories are running dangerously low and warned that another price spike could hit in the coming weeks if supply disruptions persist, which is supportive for leveraged oil funds like UCO. Global oil inventories depleted, next price spike could roil economies, markets
• Positive Sentiment: Reuters also said U.S. oil exports are surging and domestic crude inventories are being drained toward very low levels, reflecting tight supply conditions that can lift crude-linked products. US oil exports surge, draining domestic crude inventories toward rock bottom
• Neutral Sentiment: Several market updates noted that oil prices are moving on mixed signals: fears around Iran and the Bab el-Mandeb/Strait of Hormuz remain supportive, but talk of ceasefires and peace hopes has reduced some of the war premium. Iran’s threats against this Red Sea chokepoint are a big vulnerability for the oil market
• Neutral Sentiment: Reuters said oil was little changed amid uncertainty over a U.S.-Iran peace deal and mixed Middle East developments, suggesting traders are waiting for clearer supply-impacting news. Oil little changed on uncertainty over US-Iran peace deal
• Negative Sentiment: FXEmpire reported that oil is retreating as the dollar rallies and supply-risk fears ease, with WTI slipping below key technical levels, which can weigh on UCO in the short term. Oil News: Oil Outlook Darkens as Dollar Surge Pressures Futures

ProShares Ultra Bloomberg Crude Oil Price Performance

The firm has a 50-day moving average of $44.15 and a 200 day moving average of $31.15.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of UCO. Corient Private Wealth LLC bought a new position in shares of ProShares Ultra Bloomberg Crude Oil during the fourth quarter valued at $859,000. Baker Avenue Asset Management LP lifted its holdings in shares of ProShares Ultra Bloomberg Crude Oil by 52.8% during the fourth quarter. Baker Avenue Asset Management LP now owns 115,750 shares of the exchange traded fund’s stock valued at $2,236,000 after acquiring an additional 40,000 shares during the period. Headlands Technologies LLC bought a new position in shares of ProShares Ultra Bloomberg Crude Oil during the fourth quarter valued at $397,000. Quadrature Capital Ltd bought a new position in shares of ProShares Ultra Bloomberg Crude Oil during the fourth quarter valued at $334,000. Finally, Spire Wealth Management lifted its holdings in shares of ProShares Ultra Bloomberg Crude Oil by 180.5% during the fourth quarter. Spire Wealth Management now owns 18,802 shares of the exchange traded fund’s stock valued at $363,000 after acquiring an additional 12,100 shares during the period.

About ProShares Ultra Bloomberg Crude Oil

ProShares Ultra DJ-UBS Crude Oil seeks daily investment results that correspond to twice (200%) the daily performance of the Dow Jones UBS Crude Oil Sub-Index. The Dow Jones-UBS Crude Oil Sub-Index is intended to reflect the performance of crude oil as measured by the price of futures contracts of sweet, light crude oil traded on the New York Mercantile Exchange (the NYMEX), including roll costs, without regard to income earned on cash positions.