ProShares Ultra Bloomberg Crude Oil Up 74% YTD as WTI Hits $90.90
ProShares Ultra Bloomberg Crude Oil has climbed 74% year-to-date as WTI crude rose from $66 to $90.90 per barrel since late February. National average gasoline prices surged 16% in one week to $3.45 per gallon following Middle East tensions.
1. Oil Price Surge
Oil prices have surged from $66 per barrel on February 20 to $90.90 today, driven by escalating Middle East conflict and supply concerns.
2. ETF Performance
The ProShares Ultra Bloomberg Crude Oil ETF (UCO) has rallied 74% year-to-date as it offers leveraged exposure to WTI crude, outperforming major oil ETFs.
3. Gas Price Spike
Retail gasoline costs jumped 16% in a single week, pushing the national average to $3.45 per gallon, with California reaching $5.16 per gallon.
4. Outlook and Risks
Prediction markets assign a 63% probability of gas exceeding $4.50 per gallon by end of March, while geopolitical risks could prolong oil volatility.