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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.