Stocks / ETF
USOETF
United States Oil Fund, LP
$155.311d -0.6%5d -1.9%settled close · 2026-09-17
β -1.8052w $103–162Shares 20.0MInd. Commodity Contracts Brokers & DealersNYSE Arca since 2006HQ Walnut Creek, CA
The tape, with the calls on it
Who said what, and what USO did next
Every dot is a day someone on the record made a call. Hover one to see who. We are not scoring them — the point is that you can see it and judge for yourself.
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Who’s talking about USO
56 long5 neutral28 shortlatest 2026-09-11
| Date | Voice | Stance | Venue | Thesis |
|---|---|---|---|---|
| 2026-09-11 | Jeff CurrieCommodities strategist (ex-Goldman) | Bullish | Bloomberg The Close | Product shortages are spreading upstream into crude as Chinese buyers return to exploit the wide… |
| 2026-09-04 | Cathie WoodCEO & CIO, ARK Invest | Bearish | ARK Invest | OPEC is fracturing as Abu Dhabi exits and lifts production 78% to a record 4M bbl/day while Venezuela may… |
| 2026-09-02 | David RosenbergEconomist — Rosenberg Research | Bullish | David Lin | Supply-demand balance structurally favors higher oil prices independent of the Iran war escalation, and oil… |
| 2026-08-25 | Patrick Ceresna (Macro Voices)Co-host, MacroVoices & Market Huddle | Bullish | Macro Voices | Global crude market is structurally tight due to Strait of Hormuz closure risk and refining capacity… |
| 2026-08-20 | Patrick Ceresna (Macro Voices)Co-host, MacroVoices & Market Huddle | Bullish | Macro Voices | Geopolitical supply tightness from diminished Strait of Hormuz reopening probability keeps oil structurally… |
| 2026-08-20 | Quinn ThompsonFounder & CIO, Lekker Capital | Bullish | Forward Guidance | Strait of Hormuz closure shows no signs of resolution, global crude reserves are being drained to very low… |
| 2026-08-20 | Luke GromenMacro strategist — founder, FFTT | Bullish | Futures Edge Podcast: Finance Unfiltered | SPR drawdown is masking underlying supply tightness visible in crack spreads; oil has tracked 10-year… |
| 2026-08-20 | Bobby Iaccino | Bullish | Luke Gromen | Crude is pressing in a multi-month range with a technical bull-flag setup; Iran war constraints on supply are… |
| 2026-08-18 | David WooIndependent macro strategist (ex-BofA) | Bullish | Wealthion | Iran has an incentive to push Brent toward $100–120 to pressure Trump and will lean on Houthis to resume Red… |
| 2026-08-13 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | Macro Voices | The gold/oil ratio is statistically mean-reverting with no long-run trend since 1970; if gold is supported… |
Show all 89 mentions
| Date | Voice | Stance | Venue | Thesis |
|---|---|---|---|---|
| 2026-08-13 | Patrick Ceresna (Macro Voices)Co-host, MacroVoices & Market Huddle | Bullish | Macro Voices | Middle East supply disruptions (Strait of Hormuz situation) keep oil markets structurally stressed… |
| 2026-08-13 | Art BermanPetroleum geologist & energy analyst | Bullish | Wealthion | Persian Gulf production is down 10 million barrels/day — a larger supply shock than COVID — and Hormuz cannot… |
| 2026-08-08 | Cathie WoodCEO & CIO, ARK Invest | Bearish | ARK Invest | UAE exiting OPEC and pumping at a record 4.1 million bbl/day signals producers believe oil prices have… |
| 2026-08-03 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Bullish | DoubleLine Capital | US and allied strategic petroleum reserves have been drawn down by hundreds of millions of barrels during the… |
| 2026-07-12 | Unknown | Bearish | Fox Business | UAE production increases followed by OPEC raising output to protect market share will oversupply the market… |
| 2026-07-11 | Chris WhalenBanking analyst — Whalen Global Advisors | Bullish | Julia La Roche Show | US physical oil inventories at 20-year lows, ongoing Iran-US hostilities blocking Middle East supply… |
| 2026-07-09 | Jacob ShapiroGeopolitical strategist | Neutral | CNBC International | Despite active Strait of Hormuz disruptions, diversified global supply sources and sharply reduced Chinese… |
| 2026-07-09 | Amrita SenChief oil analyst, Energy Aspects | Neutral | CNBC Television | US revocation of Iranian oil waivers (~130–150M barrels) won't materially tighten fundamentals because China… |
| 2026-07-09 | Donald TrumpU.S. President | Bearish | CNBC International | US military control over Strait of Hormuz shipping lanes plus an existing global oil glut will push crude… |
| 2026-07-08 | Jay Hatfield (Infrastructure Capital)CEO, Infrastructure Capital Advisors | Bearish | Yahoo Finance | OPEC returning to maximum production (~32 million barrels) will create a 4 million barrel supply surplus that… |
| 2026-07-02 | Cathie WoodCEO & CIO, ARK Invest | Bearish | ARK Invest | Transportation electrification across robo-taxis, trucks, and drones is reducing oil demand at the margin… |
| 2026-06-18 | Erik TownsendHost, MacroVoices podcast | Bullish | Macro Voices | Physical inventories are at multi-decade lows, the Hormuz deal is not clean, and even if the strait reopens… |
| 2026-06-12 | Jim GrantEditor, Grant's Interest Rate Observer | Bullish | Meb Faber | Supply-demand balance structurally favors oil longs regardless of near-term Iran geopolitical noise, which… |
| 2026-06-12 | Tyler NevilleTrader, Muddy Waters Capital | Bearish | Forward Guidance | Consumer-level demand destruction from high prices is greater than the oil bull camp credits, and a potential… |
| 2026-06-10 | Art BermanPetroleum geologist & energy analyst | Bullish | Wealthion | Strait of Hormuz tanker traffic has collapsed from 138/day pre-war to ~1.3/day as of June 1, Iran has no… |
| 2026-06-02 | Michael HowellLiquidity strategist — CrossBorder Capital | Bullish | Julia La Roche Show | The 60-year gold/oil ratio historically averages ~20x; with gold at $4,000-5,000/oz the ratio-implied oil… |
| 2026-05-28 | Patrick Ceresna (Macro Voices)Co-host, MacroVoices & Market Huddle | Bullish | Macro Voices | Strait of Hormuz closure has drawn down global inventories and any resolution still requires a replenishment… |
| 2026-05-21 | Daniel LacalleChief Economist & CIO, Tressis | Bearish | Wealthion | Deep backwardation in the oil forward curve signals the market is not pricing in sustained upside, and absent… |
| 2026-05-20 | Jim BiancoMacro strategist — Bianco Research | Bullish | Wealthion | Global oil inventories have only weeks left to cover the ~13 million barrel/day deficit caused by the Strait… |
| 2026-05-20 | Tom Lee (Fundstrat)Co-founder & head of research, Fundstrat | Bullish | Meb Faber | Current oil prices do not reflect an acute petroleum supply shortage developing later in 2025, with… |
| 2026-05-15 | Tom Lee (Fundstrat)Co-founder & head of research, Fundstrat | Bullish | Meb Faber | Inventory drawdowns, supply shortages, and restricted strait traffic suggest current oil prices do not… |
| 2026-05-07 | Louis Vincent GaveCo-founder & CEO, Gavekal | Bullish | Macro Voices | Iran has strong financial incentives to keep the Strait of Hormuz closed or tolled, so the market is wrong to… |
| 2026-05-05 | Grant WilliamsFinancial writer & podcast host | Bullish | Grant Williams Podcast | Petroleum is a global necessity that cannot be printed or manufactured by central banks, supply disruption… |
| 2026-05-05 | Paul Tudor JonesFounder/CIO, Tudor Investment Corp | Short | EconFinAiMl | OPEC's announced 7% production cut agreement will unravel because Iraq — one of the five largest producers —… |
| 2026-04-27 | Paul Tudor JonesFounder/CIO, Tudor Investment Corp | Short | Andre H. Grubert | OPEC's announced production-cut agreement will fail because getting 13 nations to honor any deal is… |
| 2026-04-20 | Rupert | Bullish | Jim Chanos | Energy equities have sold off roughly 10% while the WTI forward curve shows an $8–14/barrel premium in the… |
| 2026-04-10 | Quinn ThompsonFounder & CIO, Lekker Capital | Bullish | interview | The market is pricing the Strait closure as resolved ASAP, but physical disruption persists, so buying $70… |
| 2026-04-10 | Felix JauvinCo-host, Forward Guidance (Blockworks) | Bullish | interview | Oil futures are pricing the Strait disruption as over immediately, creating a mispricing in the back of the… |
| 2026-04-09 | Erik TownsendHost, MacroVoices podcast | Bullish | Macro Voices | At $75, the December 2026 WTI contract is mispriced because SPR rebuilding demand and persistent Strait of… |
| 2026-04-09 | Patrick Ceresna (Macro Voices)Co-host, MacroVoices & Market Huddle | Bullish | Macro Voices | Ceasefire reduced immediacy of the oil risk premium but not the structural disruption — Strait of Hormuz… |
| 2026-04-09 | Peter AtwaterFounder, Financial Insyghts; Adjunct Professor, William & Mary | Bullish | Grant Williams Podcast | Iran conflict has destroyed capacity and delayed production to such a degree that oil prices cannot… |
| 2026-04-08 | Ed Morse | Bearish | Bloomberg The Close | Pre-war oil was structurally oversupplied — excess non-OPEC supply from the US, Brazil, Argentina, and Guyana… |
| 2026-03-30 | Mohamed El-ErianChief economic adviser, Allianz | Bullish | CNBC Television | Physical oil prices in Asia are already at 140-150 while futures lag significantly, and infrastructure damage… |
| 2026-03-23 | Joe Terranova (Virtus)Chief market strategist, Virtus | Bearish | CNBC Halftime Final Trades | Trump's political calculus — midterm election risk and consumer pain from high energy costs — functions as a… |
| 2026-03-17 | Marko PapicGeopolitical macro strategist | Bullish | Jacob Shapiro | Iran's threatened closure of the Strait of Hormuz puts a geopolitical risk premium on oil that is… |
| 2026-03-12 | Jim BiancoMacro strategist — Bianco Research | Bullish | Macro Voices | Strait of Hormuz insurance blockage has cut ~7-8 million barrels/day of Gulf production and could rise to… |
| 2026-03-12 | Patrick Ceresna (Macro Voices)Co-host, MacroVoices & Market Huddle | Bullish | Macro Voices | Oil's dip was bought at Fibonacci support and the right tail remains fat given the unresolved Hormuz… |
| 2026-03-11 | Luke GromenMacro strategist — founder, FFTT | Bullish | interview | Strait of Hormuz closure has removed roughly 20% of global oil supply, and the US SPR is already materially… |
| 2026-03-10 | Luke GromenMacro strategist — founder, FFTT | Bullish | Goldfinger Capital | Strait of Hormuz closure is far more durable than consensus believes due to exhausted US/Israeli interceptor… |
| 2026-03-09 | Mohamed El-ErianChief economic adviser, Allianz | Bullish | CNBC Television | Middle East conflict disruption to supply chains is not a days-long event but weeks-to-months, making oil… |
| 2026-01-11 | Grant WilliamsFinancial writer & podcast host | Bullish | Grant Williams Podcast | Oil is cheap relative to gold and silver in an era where securing ownership of tangible commodities with real… |
| 2025-12-29 | Marko PapicGeopolitical macro strategist | Bullish | Jacob Shapiro | Saudi Arabia's Vision 2030 modernization spending requires higher oil revenues, making current OPEC… |
| 2025-12-04 | Marko PapicGeopolitical macro strategist | Bullish | Macro Voices | Saudi Arabia's domestic fiscal needs will force a shift away from high-production/low-price policy in 2026… |
| 2025-09-26 | Tyler NevilleTrader, Muddy Waters Capital | Bullish | Forward Guidance | Oil is the last major hard asset yet to fully reprice in the secular inflationary nominal-growth environment… |
| 2025-08-12 | Chris VermeulenFounder & Chief Investment Strategist, The Technical Traders | Bearish | Wealthion | Oil bounced into a high-volume resistance zone on a news-driven war spike that has since reversed, and the… |
| 2025-08-04 | Vandana Hari | Neutral | interview | Geopolitical risk premium from the Russia-Ukraine war and uncertainty over US secondary tariff threats on… |
| 2025-07-04 | Marko PapicGeopolitical macro strategist | Short | WTFinance | Geopolitical risk premia on oil from Middle East conflicts (Israel-Iran, Russia-Ukraine) dissipate rapidly… |
| 2025-06-27 | Tyler NevilleTrader, Muddy Waters Capital | Bearish | Forward Guidance | Geopolitical conflicts are pre-negotiated behind closed doors (Pippa Malmgren framework), making… |
| 2025-03-26 | Marko PapicGeopolitical macro strategist | Bullish | Mauldin Economics | Iran geopolitics, not Russia-Ukraine settlement, is the near-term swing factor for oil — a Russia peace deal… |
| 2025-03-08 | Quinn ThompsonFounder & CIO, Lekker Capital | Bullish | Forward Guidance | Buying crude in the mid-60s range while collecting a consistent 2–8% annualized positive roll yield from… |
| 2025-01-31 | Simon HuntFounder, Simon Hunt Strategic Services | Bullish | Wealthion | Oil remains the indispensable energy source for human society and industry; new Permian Basin breakeven costs… |
| 2024-12-25 | Chris VermeulenFounder & Chief Investment Strategist, The Technical Traders | Bearish | Wealthion | Pennant/halfway-point formation after the initial selloff projects a second leg down to roughly $45/barrel… |
| 2024-12-17 | Jeffrey GundlachCEO/CIO, DoubleLine Capital | Neutral | Future Proof | Oil below $70 (down from $80) implies a further ~50bp drop in CPI per $10 decline, which would push CPI to a… |
| 2024-12-07 | Capital FlowsFounder, Capital Flows Research | Short | Forward Guidance | Massive structural supply surplus, every geopolitical risk premium gets sold hard (couldn't break $77 on the… |
| 2024-11-13 | Jonathan WellumCEO & CIO, RockLinc Investment Partners | Bearish | Wealthion | Trump drill-more policy combined with Saudi willingness to defend market share will pressure prices lower… |
| 2024-11-02 | David WooIndependent macro strategist (ex-BofA) | Bearish | Wealthion | A Trump win accelerates US oil production by ~3M bbl/day, China's EV transition structurally weakens demand… |
| 2024-11-01 | Marko PapicGeopolitical macro strategist | Neutral | Lead-Lag Media | The Saudi-Iranian détente restrains Iran from retaliating against oil infrastructure even amid… |
| 2024-10-29 | David WooIndependent macro strategist (ex-BofA) | Bearish | Wealthion | A Trump win accelerates US oil production by ~3M barrels/day, Chinese demand is structurally weakening as EVs… |
| 2024-10-26 | Jared DillianAuthor, The Daily Dirtnap | Bullish | Wealthion | Oil demand is at all-time highs while geopolitical risk around an Israeli strike on Iranian oil or nuclear… |
| 2024-10-22 | Jared DillianAuthor, The Daily Dirtnap | Bullish | Wealthion | Market is underpricing Israel-Iran geopolitical risk — Netanyahu's denial of striking Iranian oil facilities… |
| 2024-10-12 | Christopher VermeulenFounder & Chief Investment Strategist, The Technical Traders | Bearish | Wealthion | Pennant/consolidation formation on the oil chart is typically a halfway-point pattern, projecting the next… |
| 2024-10-08 | Chris VermeulenFounder & Chief Investment Strategist, The Technical Traders | Bearish | Wealthion | The current pennant consolidation on the oil chart is a classic halfway-point pattern; measuring the prior… |
| 2024-10-01 | Jeremy SchwartzGlobal CIO, WisdomTree | Bullish | Wealthion | Oil serves as a portfolio hedge against geopolitical risk and would be a direct beneficiary if China's… |
| 2024-09-24 | Tavi CostaPartner, Crescat Capital | Bullish | Wealthion | CFTC net longs are at two-decade lows while oil has already priced in a hard landing that equities haven't… |
| 2024-09-12 | Jared DillianAuthor, The Daily Dirtnap | Bullish | Wealthion | Managed-money net short positioning in crude oil is at roughly 36% of total open interest — an extreme only… |
| 2024-09-07 | Tyler NevilleTrader, Muddy Waters Capital | Bearish | Forward Guidance | China's economic contraction — collapsing M1, stagnant credit growth, activity back to 2020 levels — is the… |
| 2024-08-28 | Paul Sankey | Short | Bloomberg Surveillance | Oil faces Q4 seasonal demand weakness while OPEC wants to unwind supply restraints, with 3 million… |
| 2024-08-10 | Marko PapicGeopolitical macro strategist | Short | The Market Huddle | By May 2022, material constraints on Russia, absence of secondary sanctions making the oil embargo a PR… |
| 2023-10-05 | Luke GromenMacro strategist — founder, FFTT | Bullish | ForexAnalytix | The recent ~$15/barrel selloff in oil appears to be a government intervention (Treasury ESF) to relieve… |
| 2023-09-27 | Mark MobiusEM investor — ex-Franklin Templeton | Bearish | CNBC-TV18 | Accelerating shift to energy alternatives and a strong US dollar suggest crude prices are near a cyclical… |
| 2023-06-19 | Luke GromenMacro strategist — founder, FFTT | Bullish | ForexAnalytix | US shale production is peaking and rolling over with a high natural decline rate while the SPR is depleted… |
| 2023-06-13 | Liz Peek | Bullish | Fox Mornings with Maria | China's post-lockdown stimulus is ramping demand while Saudi Arabia and OPEC+ are actively constraining… |
| 2022-12-15 | Marko PapicGeopolitical macro strategist | Short | Excess Returns | Geopolitical risk premium in oil was overpriced relative to cratering Chinese demand (measured by non-oil… |
| 2022-07-14 | Erik TownsendHost, MacroVoices podcast | Bullish | Zoltan Pozsar | The macro-driven futures sell-off is decoupled from physical market reality — front-month time spreads are… |
| 2022-04-10 | Chris BloomstranPresident & CIO, Semper Augustus Investments | Bullish | Preston Pysh | Structural supply shortage from underinvestment, refining capacity conversion to renewable diesel, labor and… |
| 2021-12-30 | Erik TownsendHost, MacroVoices podcast | Bullish | Louis-Vincent Gave | The world is phasing out oil faster than alternatives can replace it while simultaneously halting investment… |
| 2021-10-31 | Larry FinkChairman/CEO, BlackRock | Bullish | FII Institute | Short-term energy supply policies restricting hydrocarbon production combined with lack of demand mitigation… |
| 2016-09-03 | Raoul PalCo-founder, Real Vision; ex-GLG PM | Bearish | The Intrinsic Value Podcast | The dollar is the denominator of all commodity prices, so a sustained dollar bull market mechanically drives… |
| 2014-07-22 | Mike NovogratzFounder/CEO, Galaxy Digital | Bullish | The New Yorker | Emerging market demand for energy from billions of new consumers in China and India has structurally pushed… |
3 new mentions of USO this week are in The Brief — who, which way, and what they said, in subscribers’ inboxes every morning. Free pages update a week later.
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The options tapeThe Brief · paid
Notable options days
Sessions in the last 120 where USO’s settled options volume ran ≥ 2× its trailing 20-session baseline, or delta-dollar flow ran ≥ 2.5× — 2 of 120 sessions qualified.
The qualifying dates are the free record. Close, flow, call/LEAPS mix and the 20-session outcome — for every session below — are Brief subscriber content.
| Date | Close | RVOL | Δ$ flow ($M) | Call % | LEAPS % | +20 sess. |
|---|---|---|---|---|---|---|
| 2026-09-10 | ||||||
| 2026-07-23 |
+20 sess. = raw price change over the following 20
sessions — not market-adjusted; the tape tells you where to look,
not what happens next.
Today’s tape on
USO is in this morning’s Brief.
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