Analysis for United States Brent Oil Fund
Description & usage
The United States Brent Oil Fund tracks Brent crude exposure through exchange-traded futures contracts. It is typically used for tactical positioning on global oil prices. Key drivers are the futures curve structure, geopolitical risk, supply policy, and roll costs.
Basic info
- Symbol
- BNO
- Type
- ETF
- Region
- US
- Sector
- Commodities
- Available history
- 11.2 years
- Last trading day
- 04/02/2026
- TER
- –
Basic info
- Symbol
- BNO
- Type
- ETF
- Region
- US
- Sector
- Commodities
- Available history
- 11.2 years
- Last trading day
- 04/02/2026
- TER
- –
Market context
- DXY
- 120.89
- US 10Y Real
- 1.99%
- Fed Balance
- $6.68T
- CPI YoY
- 2.4%
- Fed Rate
- 3.75%
- US 10Y
- 4.35%
- VIX
- 24.54
- HY OAS
- 3.17%
- Brent
- $121.88
- Core CPI
- 2.5%
- US 2Y
- 3.84%
- ISM PMI
- –
Score overview
The overall score combines Performance, Stability and Trend into one comparable value.
Market context
- DXY
- 120.89
- US 10Y Real
- 1.99%
- Fed Balance
- $6.68T
- CPI YoY
- 2.4%
- Fed Rate
- 3.75%
- US 10Y
- 4.35%
- VIX
- 24.54
- HY OAS
- 3.17%
- Brent
- $121.88
- Core CPI
- 2.5%
- US 2Y
- 3.84%
- ISM PMI
- –
Analysis summary
Technical asset picture
United States Brent Oil Fund (BNO) currently has a total score of 80 points, placing it in the very strong range. The score is made up of Performance (86), Stability (61) and Trend (91). All three sub-scores are currently above average.
Performance scores 86 points (very strong). Key strength: 1Y return at 74.5 %. Even the weakest return is still strong in absolute terms: 3Y return at 107.4 %.
Stability scores 61 points (strong). Key strength: Sharpe ratio (90d) at 3.33. Main drag: max drawdown (10Y) at -75.5 %. That indicates very deep historical drawdowns. Higher Stability points are better and typically reflect calmer swings and smaller drawdowns-but prices can still fall.
Trend scores 91 points (very strong). Key strength: Price is about 36.4 % above SMA50. Even the weakest metric remains solid in absolute terms: 12M momentum at 25.4 %.
Overall, the very strong total score is driven mainly by Trend and Performance; Stability is the biggest lever for improvement. On a metric level, Sharpe ratio (90d) stands out, while max drawdown (10Y) is the main weak spot.
Current market backdrop
The backdrop currently looks mixed and rather restrictive.
A strong US dollar currently paints a mixed risk picture.
High US real yields and elevated long yields lean toward a restrictive rate backdrop.
What that typically means here
For energy and oil-linked assets, higher Brent typically leans supportive.
Note: ISM PMI was not used actively in the effect logic.
Historical evaluation and qualitative market context only, not investment advice.
Price chart
Use the chart to read recent price behavior before drilling into metrics.
Scores and metrics
Explore the overall score, the three pillar scores, and the metrics behind them.