Individual investors are piling into oil funds at a record pace: Retail inflows into the United States Oil ETF, USO, surged to a record +$36 million on Friday. This officially surpasses the previous high set in April 2020, during the global pandemic shutdown. As a result, cumulative 5-day retail purchases surged to +$82 million, an all-time high This is well above the +$67 million peak recorded during the 2020 oil crash when prices briefly turned negative. US oil prices spiked +35% last week, officially posting their largest weekly gain on record, in data going back to 1982. Is oil the next meme theme for retail investors?(The Kobeissi Letter)