BREAKING: Global energy funds posted -$2.1 billion in outflows last week, the largest since July 2024. This comes after energy funds attracted a record +$13.5 billion in cumulative inflows in the 3 weeks prior. As a result, the 4-week average of inflows is still elevated, at +$1.0 billion, near the highest in 2 years. Meanwhile, the US Energy Sector ETF, XLE, saw -$1.0 billion in outflows on Wednesday, the largest in 14 years. By comparison, the daily record was -$1.8 billion during the 2008 Financial Crisis. Investors are locking in gains after the biggest energy rally in years.(The Kobeissi Letter)