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Offshore Drilling & Commodities ETF's

I have mentioned before 2 ETF's I have in my portfolio that track commodities futures. These are USO, which tracks oil  and UGA, which tracks gasoline.

I have gotten stopped out of both of them in the last two days. USO was a trailing stop so I made money. UGA was a plain old stop order so I lost money on that. 

Both of these events occurred after Bush lifted the presidential order against offshore drilling on July 14. On that day, USO closed at 117.45. Yesterday it closed at 109.45. UGA closed at 66.32 on the 14th and 60.90 yesterday.

 I can't help but believe that the lifting of the offshore drilling order had something to do with the drop in futures. Some have opined that hard economic times will cause a cutback in oil consumption and that's what affected the futures market. I don't doubt that's one of the reasons, but I honestly don't see that times are that much harder today than they were three days ago. Certainly political motion, insufficient as it is, to get more oil will have an effect on futures.

It will be interesting to see if the drop in futures prices continues and what effect they will have on gas prices. I'm not quite brave enough to make a prediction though.