The oil market is moving at an unprecedented pace: Trading volume in the United States Oil Fund ETF, USO, jumped to a record $12.4 billion on Monday. This puts volumes up +1,000% since the start of the year. This also surpasses the previous peaks seen during the 2020 oil crash, the 2022 Russia-Ukraine War, and the 2025 spike by over +200%. By 11:30 AM ET yesterday, trading volume was already at an all-time high of $7.6 billion. The surge was driven by a mix of institutional traders and retail investors chasing the oil price move. Oil is now one of the most traded assets on the planet.(The Kobeissi Letter)