Retail is all-in on oil trading: Trailing 1-month retail purchases in pure-play oil ETFs surged to a record +$211 million on Thursday. This exceeds the May 2020 peak of +$200 million and is 3 times the 2022 high of +$70 million. Retail purchases in the United States Oil Fund ETF, USO, hit +$32 million, the 3rd-biggest daily purchase on record. By comparison, the all-time high remains at +$42 million, set on March 6th. Retail purchases of oil ETFs are now running at 10 times the average level seen over the last 5 years. Retail is loving this volatility.(The Kobeissi Letter)