Investors are cashing-in massive profits from the oil trade: The United States Oil ETF, USO, has posted -$900 million in outflows so far in April, on track for its largest monthly withdrawal since the 2009 record of -$1.2 billion. Still, the ETF is up +2% month-to-date, after rising as much as +100% from January to early April. This comes after +$700 million in inflows in March, the highest monthly intake since the 2020 pandemic. By comparison, the largest monthly inflow on record was +$3.2 billion in April 2020, followed by +$2.1 billion in March 2020. Overall, USO has surged +91% year-to-date, on track for one of its best annual performances this century, followed by +65% in 2021 and +47% in 2007. Oil markets have made history.(The Kobeissi Letter)