USO United States Oil

[Bullitt]

Dieing a slow death.

RBC, currently USO’s only FCM, has expressly informed USO that, until further notice, USO may not hold positions in the Benchmark Futures Oil Futures Contract and that it may not purchase any other Oil Futures Contracts for USO’s portfolio through RBC whether or not such purchases would be within the limits permitted by the exchanges.

In the strictest literal interpretation of the filing, it could mean that unless it finds an alternative clearer pronto, the USO will be forced to liquidate all its holdings before the next roll period. A looser interpretation might be that it is allowed to hold onto existing positions but not be allowed to add new ones. In a continuing contango market this would see it run down its overall position over time.

https://ftalphaville.ft.com/2020/05/...esent-danger-/

[Bullitt]

Not USO, but $WTIC. Gap at $40 is filled, where do we go from here? Back to $22?

screenshot-stockcharts com 2020-07-20 14-10-13.png

[Bullitt]

USO up 8% past three days thanks to Labor Day weekend.

[Bullitt]

P&F chart calling for a target of $70's.

WTIC-PF-nov25-762x1024.jpg