Short positions on US oil funds are surging: Short interest on the US Oil & Gas Exploration & Production ETF, IEO, is up to 2.8%, near the highest in 4 years. Short interest has TRIPLED since the start of 2026. Over the same period, IEO prices have risen +33% to an all-time high. Furthermore, short interest in the United States Oil ETF, USO, has soared ~3 million shares, or 50%, over the last month, This means traders are increasingly betting against rising oil prices, even as the rally continues, a setup that often leads to extreme volatility. Brace for more volatility in the oil market.(The Kobeissi Letter)