United States Brent Oil Fund (NYSEARCA:BNO) Shares Up 3% – Still a Buy?

United States Brent Oil Fund LP (NYSEARCA:BNO) shares shot up 3% on Wednesday . The stock traded as high as $59.78 and last traded at $59.63. Approximately 605,552 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 3,422,975 shares. The stock had previously closed at $57.91.

Key Stories Impacting United States Brent Oil Fund

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

• Positive Sentiment: WTI rebounded from its 50-day exponential moving average while Brent held near $100, keeping the source’s bullish technical outlook intact. Continued strength above key support levels could support BNO. WTI and Brent Forecast: Oil Bulls Return at Key Support
• Positive Sentiment: Oil-market flows through the Strait of Hormuz remain well below pre-war levels, leaving supply vulnerable to further escalation. Any renewed disruption could push Brent higher and benefit BNO. We’re living on an oil market credit card: Analyst
• Positive Sentiment: Earlier reports emphasized continuing shipping risks around Hormuz, with renewed conflict potentially driving a sharp crude-price premium. Oil Prices Rise as Hormuz Shipping Risks Persist
• Neutral Sentiment: Oil prices remain highly sensitive to U.S.-Iran diplomacy: successful talks could restore supply and pressure Brent, while a breakdown could revive geopolitical risk. Oil falls on increased Gulf supply and hopes for US-Iran talks
• Negative Sentiment: U.S. commercial crude inventories unexpectedly rose by 3 million barrels last week versus expectations for a 500,000-barrel draw, signaling weaker near-term supply-demand conditions. U.S. Crude Oil Stockpiles Post Unexpected Build
• Negative Sentiment: Saudi Arabia has begun restoring crude supply through a key pipeline to the Red Sea, while possible reopening of the Strait of Hormuz has reduced fears of an immediate supply shortage. Oil falls on increased Gulf supply and hopes for US-Iran talks

United States Brent Oil Fund Trading Up 3.1%

The business has a 50-day moving average price of $53.03 and a 200-day moving average price of $50.64.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BNO. Harvest Fund Management Co. Ltd lifted its position in United States Brent Oil Fund by 35.8% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 337,192 shares of the company’s stock valued at $9,549,000 after purchasing an additional 88,905 shares during the period. Empowered Funds LLC acquired a new stake in United States Brent Oil Fund in the first quarter valued at approximately $2,872,000. NewEdge Advisors LLC acquired a new stake in United States Brent Oil Fund in the first quarter valued at approximately $1,776,000. Lombard Odier Asset Management USA Corp purchased a new stake in shares of United States Brent Oil Fund in the first quarter valued at approximately $854,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of United States Brent Oil Fund during the 2nd quarter worth approximately $456,000.

United States Brent Oil Fund Company Profile

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.