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Weekly Commodities ETF Report: Crude Trims Weekly Gains on Lower Production Cuts From Russia; Gold Ends August at Six-Year High

(MT Newswires) – Crude ended Friday’s session higher but trimmed its gains for the whole week, following news that Russia will reduce its crude output by a lower-than-agreed-upon volume under its deal with the Organization of the Petroleum Exporting Countries (OPEC).  For its part, OPEC’s own plans to continue with its production curbs to support crude prices have been undermined. A survey by Reuters has shown that crude production by OPEC member countries and the group’s allies rose in August, despite the organization renewing its commitment to curb output back in July. Higher supply from Iraq and Nigeria offset the reduced exports from Saudi Arabia, as well as from sanction-hit Iran. Back home, US inventories of crude decreased by 10 million barrels through Aug. 23 to 427.8 million barrels, meeting the five-year average for this time of year, according to data from the Energy Information Administration. That was narrower than the 11.1 million barrels projected by the American Petroleum Institute late Tuesday but was bigger than the draw of 2.7 million barrels posed the previous week.  Finally, the number of oil rigs operating in the US for the week dropped to the lowest since early January of last year.  Data from Houston-based Baker Hughes (BHGE), an oil-field services company, showed the US oil-rig tally dropped 12 on the week to 742. A year ago, the count was 862.  The week’s print was the lowest since another tally of 742 was reported in the week ended Jan. 5, 2018.

Light, sweet crude oil for October delivery rose 2.04% for the week, settling at $56.71 per barrel at the end of Friday’s session. In other energy futures, gasoline was down 0.07% over the five-day period and settled at $1.57 per gallon on Friday. Natural gas logged an increase of 5.60% for the week, ending Friday at $2.30 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) rose 1.66% for the week, compared with an increase of 0.07% in the prior week.

Gold finished Friday’s session edging lower, settling at $1,536.90 to end the week down 0.31%. However, the yellow metal closed the month of August in positive territory — the fourth straight month of gains — hitting a six-year high earlier in the week. Lower interest rates from different countries’ central banks and uncertainty surrounding the ongoing trade spat between the US and China, as well as negative yields of treasury notes, have helped boost gold’s safe-haven appeal. Meanwhile, copper inched 1.11% higher during the week, despite weak global cues, with the red metal closing Friday at a settlement price of $2.58. Again, the slowdown in manufacturing around the world and a weaker yuan has been weighing on the industrial metal’s prices. But positive developments in the protracted Sino-American trade war helped lift prices somewhat. Last week, China softened its trade stance and said it is willing to renew trade negotiations with the US and resolve the dispute with a “calm attitude.”

In agricultural commodities news, corn ended Friday and the week higher but saw its biggest monthly decline in four years, as farms in the American Midwest are seeing excellent weather that has helped crop development. This has, in turn, led to forecasts for higher crop yields. The International Grains Council boosted its outlook for global corn production in the 2019/2020 season by 8 million tonnes to 1.1 billion tonnes. Among grains, corn for September delivery inched 0.54% higher in the week and settled at $3.70 per bushel in Friday’s session; soybeans were up 1.58% for the week, and closed Friday  at $8.69 per bushel; and wheat fell 3.30% and settled at $4.63 per bushel at the end of Friday’s session. Other commodities were mixed: coffee was around $0.97 per pound at Friday’s close, up 1.47% for the week; cocoa was down 0.58% for the week and closed Friday’s session at $2,222 per tonne, and sugar had a weekly decline of 2.62% and settled at a price of $0.11 per pound on Friday.

 

Copyright © 2019 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Justin Hillstrom is a registered representative of ALPS Distributors, Inc.

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following: s USCIUSOUSLUSOUUSODBNOUNGUNL, UGA, or CPER  

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is an index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil, RBOB gasoline), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar). One Cannot invest directly in an index.

Performance is historical and does not guarantee future results; current performance may be lower or higher. Investment returns/principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Most recent performance is available at www.uscfinvestments.com.

We advise you to consider a fund’s objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund’s Prospectus by clicking the following: SDCI. Please read any Prospectus carefully before investing

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc.

USO002035 Ex. 10/31/2019

Walt Disney to Sell Yes Network Stake to Yankee Global-Led Consortium for $3.47 Billion Enterprise Value

8:30 AM, Aug 30, 2019 — Yankee Global Enterprises, a leading sports brand, has agreed to jointly purchase the 80% stake it does not already own in Walt Disney’s (DIS) YES Network — a regional sports network in the US — for a total enterprise value of $3.47 billion.

The company, which owns the New York Yankees baseball team, said in a statement late on Thursday that it was making the purchase with partners Sinclair Broadcast Group (SBGI) and Amazon (AMZN), and noted that Jon Litner would remain in his existing role as president of the YES Network.

The new partnership aims to leverage the expertise and market reach of the three companies, enhancing the network and positioning it strategically to continue its leadership in sports broadcasting across all forms of distribution.

Sinclair, which is the owner of 22 RSN brands and the Tennis Channel, as well as the owner, operator, and service provider to 191 television stations, will work with the YES team management to manage traditional and virtual distribution relationships.

“This transaction brings the YES Network and all of its popular programming even closer to the organization that inspired its very development,” said Hal Steinbrenner, chief executive officer, Yankee Global. “We look forward to greatly expanding the way that sports content is delivered and consumed by fans everywhere.”

Yankee Global further pointed out that “additional” equity investments in the stake purchase were provided by its financial partners — the US-based investment firm RedBird Capital, funds managed by Blackstone Group’s (BX) Tactical Opportunities business, and Mubadala Capital, the investment arm of Mubadala Investment Company, one of the world’s biggest sovereign wealth funds based in the United Arab Emirates.

Companies: Walt Disney Company (The)
Price: 138.35 Price Change: +0.51 Percent Change: +0.37

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Best Buy Shares Drop After Full-Year Comparable-Sales Guidance Cut Over Possible Tariffs

10:36 AM, Aug 29, 2019 — Best Buy (BBY) shares fell after the electronics retailer narrowed its full-year comparable-store sales guidance over worries about possible tariffs on Chinese-made goods and overall customer spending in the second half of the year.

The Minneapolis-based company said comparable sales this year are expected to rise between 0.7% to 1.7%, compared to 0.5% to 2.5% previously and below the consensus compiled by Capital IQ for 2%.

Best Buy raised its enterprise revenue outlook for the year to $43.1 billion to $43.6 billion from $42.9 billion to $43.9 billion while the Street is expecting $43.59 billion. Non-GAAP diluted per-share earnings are seen coming in between $5.60 to $5.75, up from $5.45 to $5.65. The Street’s view is for $5.71.

Best Buy was down more than 9.1% in morning trading.

For the quarter ended Aug. 3, enterprise revenue rose to $9.54 billion from $9.38 billion in the prior-year period. The Street had expected $9.55 billion. Non-GAAP diluted EPS rose to $1.08 from $0.91 last year, well ahead of the Street’s $0.99 consensus.

Comparable-store sales gained 1.6%, below the Street’s expectation for 2.1%.

Chief Executive Corie Barry said Best Buy “also delivered improved profitability driven by gross profit rate expansion and continued disciplined expense management, demonstrating the culture we have built around driving cost reductions and efficiencies to help fund investments.”

Domestic revenue rose 2.1% to $8.82 billion in the just-ended quarter, with sales riven by appliances, tablets, headphones and services. Online revenue rose 17% on higher average order values and traffic.

International revenue fell 3.4% to $715 million on a comparable sales decline driven by Canada and foreign-exchange headwinds.

For the current quarter, Best Buy said it expects $9.65 billion to $9.75 billion, below the Street’s view for $9.78 billion. Non-GAAP diluted EPS is expected to come in between $1 and $1.05, ahead of the Street’s $0.94 expectation.

Companies: Best Buy Co., Inc.
Price: 62.24 Price Change: -6.76 Percent Change: -9.80

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Tiffany’s Maintains Full-Year Guidance Amid ‘Mixed’ Second-Quarter Results

9:25 AM, Aug 28, 2019 — Tiffany’s & Co (TIF) reiterated its full-year guidance on Wednesday as it posted mixed second-quarter results with revenue and adjusted earnings per share felling year-on-year while both metrics surpassed analysts’ estimates.

The jewelry company reported revenue of $1.05 billion in the three months ended July 31, down from $1.08 billion in the corresponding quarter of the prior year. This was ahead of the consensus estimate of analysts compiled by Capital IQ for $1.06 billion.

Diluted adjusted earnings per share came to $1.12, down from $1.17 a year earlier and also comfortably ahead of the Street’s forecast for $1.04.

The company said the drop in earnings reflected lower operating margins, a higher effective income tax rate for the second quarter and a lower effective income tax rate for the first half, in each case, as compared to the prior year.

“Our second quarter and first-half results were mixed with sales coming in below, but net earnings exceeding, our expectations,” said Chief Executive Alessandro Bogliolo. “As with the first quarter, we are encouraged in the second quarter by sales growth attributed to our local customer base globally, which was again led by double digit growth in mainland China”.

Bogliolo said that with the tough comparison to last year’s strong performance in the first half behind the company, and in spite of the headwinds of weak demand from foreign tourists, currency exchange rate pressures and continuing business disruptions in Hong Kong, the company is actively managing what is in its control and is accelerating new product introductions.

For the full year, the company is targeting worldwide net sales increasing by a low-single-digit percentage over the prior year and net earnings per diluted share increasing by a low-to-mid-single-digit percentage over the prior year.

Companies: Tiffany & Co.
Price: 78.75 Price Change: -3.80 Percent Change: -4.60

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Weekly Commodities ETF Report: Crude Careens Lower, Gold Makes Modest Gains Following China’s New Tariff Threat, Uncertainty Over Fed’s Interest Rate Path

(MT Newswires) – Crude ended both Friday’s session and the week lower, amid a backdrop of trade war fears, and general risk-off conditions. China had unveiled retaliatory tariffs against the US, saying that it is going to impose tariffs ranging from 5% to 10% on $75 billion of US goods in two batches, effective from Sept. 1 and Dec. 15. The Chinese State Council added it will resume duties on American autos, which will include a 25% tariff on US cars and a 5% tariff on auto parts, effective Dec.15.  Also included in China’s list of goods subject to tariffs is US crude oil, which will get a 5% tariff. Following the announcement, US President Donald Trump had lashed out at Beijing and vowed a quick response to China’s plans for new tariffs while ordering American companies to leave the country. The blistering Twitter screed called into doubt chances for a quick resolution to the escalating trade war between the world’s economic superpowers, which by the end of the year will cover nearly all imports and exports exchanged between the two countries.

Meanwhile, US inventories of crude decreased by 2.7 million barrels to 437.8 million barrels through Aug. 16, the Energy Information Administration said on Wednesday. A week ago, the stockpiles rose by 1.6 million barrels and the draw was less than the American Petroleum Institute was reportedly predicting for a drop of 3.5 million barrels. The stockpiles are at about 2% above the five-year average for this time of year, down from 3% a week earlier, the government data showed. Finally, the number of oil rigs operating in the US for the week dropped to a 19-month low. Data from Houston-based Baker Hughes (BHGE), an oil-field services company, showed the US oil-rig tally dropped 16 this week to 754. A year ago, the count was 860. This week’s print was the lowest since 747 rigs were reported in the week ended Jan. 12, 2018.

Light, sweet crude oil for September delivery fell 1.88% for the week, settling at $55.35 per barrel at the end of Friday’s session. In other energy futures, gasoline was down 7.92% over the last five days and settled at $1.55 per gallon on Friday. Natural gas logged a decrease of 1.91% for the week, ending Friday at $2.16 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) rose 0.07% this week, compared with a decline of 1.56% in the prior week.

Gold finished Friday’s session edging higher, settling at $1,508.50 to end the week up 0.86 %. The yellow metal extended its gains as uncertainty over the Federal Reserve’s monetary policy drove most investors to safe-haven trading. Federal Reserve Chair Jerome Powell failed to offer hints of aggressive interest-rate cuts after his much-awaited speech at Jackson Hole, Wyo. He did not provide any clear clues on rates but reiterated the Fed will “act as appropriate to sustain the expansion,” and said the economy is in a “favorable place.” He also said the US faces “significant risks,” including Brexit and Hong Kong unrest, along with weakness in China and Germany. Conversely, copper prices ended the week down 2.30% and closed Friday at a settlement price of $2.56 as Powell’s comments and concerns over the worsening Sino-US trade war weighed on the red metal. A slowdown in China’s economic growth, as well as a weaker yuan, also dragged on the demand for copper.

In agricultural commodities news, an official from the US Department of Agriculture said Thursday that China had purchased only half of the US soybeans it had promised to import earlier this year. The report came a day before China announced its new tariffs, which will be imposed on US soybeans, lobsters, peanut butter and other imports. Specifically, the commodity will face a 5% tariff. Soybeans were down 2.73% for the week, and closed Friday in the red at $8.57 per bushel; corn for September delivery fell 3.67% in the week and settled at $3.68 per bushel in Friday’s session; and wheat inched 0.10% higher and settled at $4.78 per bushel at the end of Friday’s session. Other commodities were mixed: coffee was around $0.96 per pound at Friday’s close, down 1.14% for the week; cocoa was up 1.46% for the week and closed Friday’s session at $2,238 per tonne; and sugar had a weekly decline of 1.38% and settled at a price of $0.11 per pound on Friday.

 

Copyright © 2019 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Justin Hillstrom is a registered representative of ALPS Distributors, Inc.

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following: USCIUSOUSLUSOUUSODBNOUNGUNL, UGA, or CPER

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is an index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil, RBOB gasoline), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar). One Cannot invest directly in an index.

Performance is historical and does not guarantee future results; current performance may be lower or higher. Investment returns/principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Most recent performance is available at www.uscfinvestments.com.

We advise you to consider a fund’s objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund’s Prospectus by clicking the following: SDCI. Please read any Prospectus carefully before investing.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc.

USO002033 Ex. 10/31/2019

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Celgene Poised to Sell Inflammatory Disease Treatment Otezla to Amgen for $13.4 Billion

8:53 AM, Aug 26, 2019 — Biopharmaceutical major Celgene (CELG) has agreed to sell the product line for Otezla and related intellectual property to biotechnology company Amgen (AMGN) for a cash purchase price of $13.4 billion.

Otezla, which is a treatment for inflammatory disease, is approved for three indications in the US, with 2018 sales of $1.6 billion, according to a statement issued by Amgen.

The deal comes after Celgene disclosed in January that it had entered into a merger agreement with Bristol-Myers Squibb (BMY) and Burgundy Merger Sub, Inc., a wholly-owned subsidiary of Bristol-Myers Squibb, for Bristol-Myers Squibb to acquire Celgene.

In June, Bristol-Myers Squibb announced the planned divestiture of Otezla in light of concerns raised by the US Federal Trade Commission.

On Monday, Amgen issued a statement saying that it had agreed to acquire the worldwide rights to Otezla, for $13.4 billion in cash, or approximately $11.2 billion, net of the present value of $2.2 billion in anticipated future cash tax benefits.

Amgen said that the acquisition of Otezla, which is expected to be completed by the end of 2019, adds a “high-growth, blockbuster product in a core area”.

It said it sees it as a strong strategic fit given its long-standing expertise in psoriasis and inflammation. The company added that the transaction is expected to have a positive financial impact, including immediate accretion to adjusted earnings per share. It expects at least low double-digit Otezla sales growth, on average, over the next five years.

The consummation of the Otezla divestiture is subject to Bristol-Myers Squibb and Celgene entering into a consent decree with the US Federal Trade Commission.

Companies: Celgene Corporation
Price: 97.25 Price Change: +3.26 Percent Change: +3.47

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Ross Stores Second-Quarter Results Beat Analysts’ Forecasts

8:02 AM, Aug 23, 2019 — Ross Stores (ROST), the operator of off-price retail apparel and home fashion stores, reported fiscal second-quarter results that outpaced forecasts but its earnings guidance for the next three months lagged the market’s expectations amid the proposed 10% tariffs on China, including apparel and footwear.

Revenue increased to $3.98 billion during the three months that ended August 3, from $3.74 billion a year ago, and also beat the $3.96 billion average analyst estimate compiled by Capital IQ. Comparable store sales were also higher by 3% year-on-year, the Dublin, California-based firm said in a statement late on Thursday.

In line with stronger sales, earnings per share climbed to $1.14, from $1.04 a year earlier, surpassing the market consensus of $1.11. The company said its operating margin of 13.7% was “better than expected,” mainly due to favorable timing of expenses that are set to reverse in the second half.

“We delivered respectable gains in both sales and earnings for the second quarter,” Chief Executive Officer Barbara Rentler said in the statement. “While our Ladies business continued to trail the chain, trends in this important area showed some improvement during the period.”

While the firm continues to forecast same-store sales gains of 1% to 2% in its third and fourth quarters, it has “updated” earnings guidance for the balance of the year, given the recent announcement in the US of 10% import tariffs on goods sourced from China, including apparel and footwear.

If sales perform in line with its guidance, including a “slight” impact from the recently announced tariffs, the group expects earnings to come in the range of $0.92 per share to $0.96 per share in its third quarter, lagging the $0.98 per share analyst forecast but higher than a year ago.

In the following quarter, the firm is projecting earnings per share of between $1.20 to $1.25, which is in line with the Street’s view of $1.24.

Based on its first-half results and second-half guidance, the company anticipates fiscal full-year earnings of $4.41 per share to $4.50 per share, in line with the Capital IQ analyst estimate of $4.50, but tighter than a previous forecast — set out in first-quarter results — of $4.38 to $4.52.

Companies: Ross Stores, Inc.
Price: 105.00 Price Change: -2.40 Percent Change: -2.23

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Disney’s Streaming Service to Be Offered on Major Platforms, Sets Overseas Rollout Dates

1:36 PM, Aug 19, 2019 — Walt Disney (DIS) on Monday said its Disney Plus streaming service will be available on most of the major video-streaming platforms when it debuts in November.

Meanwhile, the company also announced pricing and rollout dates for Canada, the Netherlands, Australia and New Zealand.

Disney said the service will be available on Apple’s (AAPL) iPhone, iPad, iPod touch and Apple TV and Google Android phones, TV devices, and Chromecast devices. It will also be available on Microsoft’s (MSFT) Xbox One video game platform, Roku (ROKU) platforms and Sony’s (SNE) Android-based TVs and Playstation videogame system.

Shares of Disney were up 1.3% while Apple rose 2.6%. Google parent Alphabet (GOOGL) was 2.1% higher while Microsoft was up 1.5%. Sony was less than 0.2% higher, and Roku rose nearly 3.3%.

The company announced in May that the service will be priced at $6.99 a month in the US and said two weeks ago that a bundled package adding ESPN Plus and Hulu for $12.99 a month would be offered.

Disney on Monday said that the service will also launch Nov. 12 in Canada and the Netherlands and a week later in Australia and New Zealand. The price is Canada will be 8.99 Canadian dollars ($6.75) a month and 6.99 euros ($7.75) in the Netherlands. Australians will pay 8.99 Australian dollars ($6.09) and subscribers in New Zealand will pay a 9.99 New Zealand dollar ($6.41) fee.

The company said Disney Plus is expected to be available in most major markets in the next two years.

Companies: Walt Disney Company (The)
Price: 136.93 Price Change: +1.73 Percent Change: +1.28

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Weekly Commodities ETF Report: Crude Closes Week Higher as OPEC Lowers 2019 Demand Forecast; Gold Hits Six-Year High on Safe-Haven Buying

(MT Newswires) – Crude ended both Friday’s session and the week higher, driven by oversupply concerns, following the decision of the Organization of the Petroleum Exporting Countries to lower its 2019 oil demand forecast. The cartel left 2020 demand forecasts unchanged but added it “is subject to downside risks stemming from uncertainties with regard to global economic development.” In geopolitical news, officials in Gibraltar have allowed a detained Iranian supertanker to leave despite a last-minute US attempt to seize the vessel. The Supreme Court in Gibraltar had delayed a decision to release the Grace 1 after the US Department of Justice made an application to extend the vessel’s detention, the Gibraltar government said earlier on Thursday. But the Gibraltar Chronicle reports there was no US application before the court when the hearing resumed on Thursday afternoon, so the vessel was allowed to leave. The Grace 1, carrying 2.1 million barrels of Iranian crude, was seized on July 4 in a British Royal Navy operation off Gibraltar. The vessel was suspected of violating EU sanctions on oil shipments to Syria. Meanwhile, US inventories of the hydrocarbon commodity rose by 1.58 million barrels to 440.5 million barrels during the seven days ended Aug. 9, according to data published by the Energy Information Administration on Wednesday.  That compares with forecasts by industry experts compiled by S&P Global Platts expecting a 2.8 million-barrel draw last week while the American Petroleum Institute Tuesday night reported a surprise inventory build of 3.7 million barrels. Finally, the number of oil rigs operating in the US rose for the first time in seven weeks.  Data from Houston-based Baker Hughes (BHGE), an oil-field services company, showed the US oil rig tally rose six this week to 770. A year ago, the count was 869.

Light, sweet crude oil for September delivery rose 1.09% for the week, settling at $54.47 per barrel at the end of Friday’s session. In other energy futures, gasoline was down 0.57% over the last five days and settled at $1.64 per gallon on Friday. Natural gas logged an increase of 3.38% this week, ending Friday at $2.23 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 1.56% for the week, compared with an increase of 1.44% in the prior week.

Gold finished Friday’s session edging lower, settling at $1,531.20 but once again benefitted from the downbeat economic backdrop to end the week 1.05% higher, as most investors resorted to safe-haven buying. On Wednesday the precious metal hit a new six-year high. The surge in US Treasury bills by Thursday and Friday, which sent yields lower, also helped bolster gains for the yellow metal. Meanwhile, copper prices ended the week down 0.23% and closed Friday at a settlement price of $2.60; earlier in the week copper had touched its lowest price in more than two years, continuing to be weighed by traders’ worries over the slowdown in global growth (and consequently, demand for industrial metals) as well as the protracted trade war between the US and China.

In agricultural commodities news, China’s Ministry of Agriculture and Rural Affairs has trimmed its soybean import forecast by 1.5 million tons to 83.5 million tons for the 2018-19 crop year, which runs from October to September of the following year, according to a statement on Monday. China has been the biggest consumer of the crop and the US is its biggest supplier. Data from China’s General Administration of Customs showed that soybean imports in January to July went down 11.2% to 46.9 million tons amid the country’s trade war with the US. Soybeans were down 1.57% for the week, and closed Friday in the green at $8.80 per bushel; corn for September delivery fell 8.69% in the week and settled at $3.81 per bushel in Friday’s session; and wheat slumped 4.70% and settled at $4.78 per bushel at the end of Friday’s session. Other commodities were lower: coffee was around $0.96 per pound at Friday’s close, down 1.23% for the week; cocoa was down 2.70% for the week and closed Friday’s session at $2,187 per tonne; and sugar had a weekly decline of 2.19% and settled at a price of $0.12 per pound on Friday.

 

Copyright © 2019 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Justin Hillstrom is a registered representative of ALPS Distributors, Inc.

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following: USCIUSOUSLUSOUUSODBNOUNGUNL, UGAor CPER  

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is an index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil, RBOB gasoline), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar). One Cannot invest directly in an index.

Performance is historical and does not guarantee future results; current performance may be lower or higher. Investment returns/principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Most recent performance is available at www.uscfinvestments.com.

We advise you to consider a fund’s objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund’s Prospectus by clicking the following: SDCI. Please read any Prospectus carefully before investing.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc.

USO002033 Ex. 10/31/2019

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Weekly Commodities ETF Report: Crude Ends Week in the Red as 2020 Oil Demand Outlook Worsens; Gold Logs Best Week in Two Months as Equities Slump

(MT Newswires) – Crude ended Friday’s session higher, supported by expectations of more output cuts from the Organization of the Petroleum Exporting Countries (OPEC) and its allies. Russia had said that it extended an output reduction deal with OPEC, while Saudi Arabia, the de facto leader of the organization, plans to maintain its crude oil exports below 7 million barrels per day (bpd) in August and September. However, crude ultimately ended the week lower, weighed by the report from the International Energy Agency (IEA) that demand growth for oil was at its lowest since 2008. The worsening of the trade relationship between the US and China led the IEA to cut its estimates for oil demand growth in 2019 and 2020 by 0.1 million barrels per day (mb/d) to 1.1 mb/d and 1.3 mb/d, respectively. The IEA said its revised outlook takes into account the International Monetary Fund’s recent lowering of the economic outlook, while noting the health of the global economy had become “even more uncertain.”  Meanwhile, US inventories of the hydrocarbon commodity rose by 2.4 million barrels to 438.9 million barrels in the week ended Aug. 2, according to data published by the Energy Information Administration on Wednesday.  This was a surprise gain, as the American Petroleum Institute had forecast a drop of 3.4 million barrels on Tuesday. It also contrasted with an 8.5 million-barrel decline in US inventories of crude oil seen the week earlier. Finally, the number of oil rigs operating in the US fell by six to 764 during the week that ended Aug. 9, the lowest level since Feb. 2, 2018, according to data compiled by energy services firm Baker Hughes (BHGE). The combined oil and gas rig count in the US was down by eight to 942 as gas rigs fell by two to 169.

Light, sweet crude oil for September delivery fell 1.40% for the week, settling at $52.54 per barrel at the end of Friday’s session. In other energy futures, gasoline was down 5.77% over the last five days and settled at $1.65 per gallon on Friday. Natural gas logged a decrease of 0.84% this week, ending Friday at $2.13 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) rose 1.44% this week, compared with a decline of 2.64% in the prior week.

Gold finished Friday’s session slightly weaker but managed to stay at $1,509.50 — above the psychologically important level of $1,500.  It also closed the week 3.89% higher — at its best level since a 4.14% rise on June 21, according to FactSet data. The yellow metal began the week in positive territory, benefitting from its safe-haven status as US equities saw their worst day of the year on Monday, following the worsening of the Sino-US trade war, when the benchmark indexes declined some 3%. Meanwhile, copper prices ended the week up 0.97% but closed Friday lower at $2.61 per pound. This was a modest comeback from Monday, when the red metal slumped to the lowest level since June 2017. The protracted trade war between China and the US has dampened demand and pushed prices ever lower for copper — which some analysts consider a barometer of the global economy because it is used in home and commercial construction.

Agriculture commodities, particularly grains, were higher ahead of the US Department of Agriculture (USDA) monthly supply and demand report, which will be released Aug. 12. Soybeans logged mild gains despite being pressured by trade war woes.  Earlier this week, China said it will stop ordering US farm goods — including soybeans — due to the 10% tariff hike the US will impose on $300 billion of Chinese exports in September. The East Asian country also said it may place tariffs on American farm products. Meanwhile, worries about the condition of US corn has helped support prices for the grain, following news of unfavorable weather conditions, especially flooding in the spring. These have led to the late planting of the corn crop. Among grains, soybeans were up 2.64% for the week, and closed Friday in the green at $8.92 per bushel; corn for September delivery rose 1.89% in the week and settled at $4.18 per bushel in Friday’s session; and wheat jumped 1.83% and settled at $5.00 per bushel at the end of Friday’s session. Other commodities were lower: coffee was around $0.97 per pound at Friday’s close, down 0.97 for the week; cocoa was down 2.55% for the week and closed Friday’s session at $2,242 per tonne; and sugar had a weekly decline of 1.08% and settled at a price of $0.12 per pound on Friday.

Copyright © 2019 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Justin Hillstrom is a registered representative of ALPS Distributors, Inc.

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following: USCIUSOUSLUSOUUSODBNOUNGUNL, UGA, or CPER

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is an index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil, RBOB gasoline), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar). One Cannot invest directly in an index.

Performance is historical and does not guarantee future results; current performance may be lower or higher. Investment returns/principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Most recent performance is available at www.uscfinvestments.com.

We advise you to consider a fund’s objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund’s Prospectus by clicking the following: SDCI. Please read any Prospectus carefully before investing.

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc.

USO002028 Ex. 9/30/2019

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