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GUSH provides 2x daily exposure to an equal-weighted index of the largest oil and gas exploration and production companies in the US.

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The following table shows crude output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in May and April, according to a Reuters survey published on Wednesday.

OPEC oil output falls 460,000 bpd in May - Reuters survey

The crude oil markets have fallen rather hard early during the trading session on Wednesday, as the market has broken below the $68 level in the WTI grade, and the $72 level in the Brent market.

Crude Oil Price Forecast – Crude Oil Continues to Plunge

OPEC+ meets this weekend with oil prices sagging lower. Meanwhile, energy stocks dropped early Wednesday, with CVX and XOM both slumping.

OPEC+ Meeting: No Crude Production Change Seen Even As Oil Prices Fall

Oil futures slumped early Wednesday after weak economic data out of China underlined worries about demand from one of the world's largest crude importers.

Oil slumps after weak China manufacturing data

The oil price remained under pressure on Wednesday hit by concerns about the strength of the global economy and ahead of a key meeting on Sunday with mixed messages on production coming from two leading players. The price of Brent crude was down a further 2.2% on Wednesday to $72.11 while West Texas Intermediate declined 2.3% to $67.91.

Oil price extends falls ahead of key Opec+ meeting

Oil prices will creep up from current levels as major producer group OPEC+ maintains restrictions on supplies, but economic headwinds will keep them below $90 a barrel this year, a Reuters poll showed on Wednesday.

Economic fears to cap oil prices below $90 through 2023

WTI crude oil prices drop on China's weak data, US debt bill impact, and OPEC+ uncertainty

Oil Price Forecast: China's Weak Economic Data Weighs on WTI Oil

Oil prices edged up on Wednesday after steep losses in the prior session, as market participants awaited an expected vote on a bipartisan deal to lift the $31.4 trillion U.S. debt ceiling.

Oil edges up after steep losses ahead of US debt ceiling vote

US oil prices dropped below $70 a barrel Tuesday on concerns about whether the debt ceiling deal will make it through Congress and on reports of tensions between Saudi Arabia and Russia ahead of a key OPEC+ meeting.

US oil prices sink below $70 on debt ceiling jitters and Russia-Saudi tensions

U.S. oil futures declined on Tuesday, settling below $70 a barrel for the first time since early May. “We've seen oil prices slide back again as investors look towards the next stage of the U.S. debt ceiling saga and concerns that sticky inflation will likely act as a brake on demand and ergo the wider global economy,” said Michael Hewson, chief market analyst at CMC Markets UK.

U.S. oil futures settle below $70 a barrel, at lowest in nearly 4 weeks

Oil markets gained strong downside momentum and tested multi-week lows.

Natural Gas, WTI Oil, Brent Oil – Oil Dives 5% As Traders Worry That OPEC+ Would Not Cut Production

Crude oil markets initially tried to rally on Wednesday, but then fell rather hard.

Crude Oil Price Forecast – Crude Oil Markets Have Volatile Session

Oil prices fell on Tuesday after scoring a gain for the week on Friday as traders waited for the outcome of a meeting of the Organization of the Petroleum Exporting Countries and its allies that is set for this coming weekend.

Oil prices retreat as traders await outcome of OPEC+ meeting

Mixed signals by major OPEC producers and their main allies have sparked volatility in oil prices ahead of an OPEC+ oil policy meeting set to take place this weekend.

Factbox: What have OPEC+ producers said ahead of June oil policy meeting?

Prices had initially gained on optimism that the deal reached between President Joe Biden and House Speaker Kevin McCarthy would end the prospect of U.S. default. However, opposition to the agreement has emerged.

Oil Prices Slip On Concern U.S. Debt Ceiling Deal May Not Hold

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Investors exercise caution as uncertainty looms over oil prices due to U.S. debt ceiling and conflicting signals from major OPEC+ producers.

Oil Price Forecast: Investors Brace for OPEC+ Meeting Amidst Debt Ceiling Worries

Oil prices rose on Tuesday as the expectations the debt ceiling deal in U.S., the world's biggest oil user, will spur more demand but fears of further interest rate rises and that OPEC+ will leave output quotas unchanged capped gains.

Oil rises on U.S. debt deal, but rate hikes, OPEC+ talks curb enthusiasm

OPEC will welcome back Iran's full return to the oil market when sanctions are lifted, the secretary general of the Organization of the Petroleum Exporting Countries (OPEC) told the Iranian oil ministry's website SHANA on Monday.

OPEC will welcome back Iran's full return to oil market when sanctions lifted -secretary-general

Oil markets rebounded from session lows as traders started to prepare for the OPEC+ meeting, which will take place at the end of the week.

Natural Gas, WTI Oil, Brent Oil – Oil Markets Move Away From Session Lows

Prospects of a U.S. debt agreement boost crude oil prices, but sustainability is questioned amid interest rate concerns and uncertain OPEC+ decisions.

Oil Price Forecast: Early Strength Fueled by Debt Ceiling Deal Optimism

Oil prices rose in early Asian trade on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer.

Oil climbs after US leaders strike provisional debt deal

Currently, I'd say the oil industry outlook is murky at best. In general, the black stuff is closely tied to the economic performance of its largest consumers – the U.S. and China.

Oil Industry Outlook: 3 Things to Expect for the Second Half of 2023

Oil futures climbed on Friday, contributing to a more than 1% weekly gain in U.S. benchmark crude prices. The market saw a sharp decline Thursday on expectations that OPEC+ wasn't likely to cut production at its meeting next month, but “the risk of further sharp falls is being mitigated somewhat by the fact that the markets know the U.S. government is a buyer[of oil] below $70,” as it looks to refill the Strategic Petroleum Reserve, said Michael Hewson, chief market analyst at CMC Markets UK.

Oil futures end higher for the session, with U.S. prices up over 1% for the week

Oil traders cheer progress on debt ceiling negotiations.

Natural Gas, WTI Oil, Brent Oil – Oil Markets Rebound Amid Rising Risk Appetite

The crude oil markets did rally just a bit during the trading week, breaking above the short-term resistance barrier, but it does look like we have a little bit of trouble ahead.

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