Profits are taken just when everyone is worrying about prices at the pump. Some of it must have to do with the monthly rollover that USO does as well. 427 people ask about this one. Market tops are a process, bottoms are a point, which is why you can’t pick the latter, or short the former. Many earnings will provide a catalyst.
Since we start bonds soon, it is useful to note that PIMCO just telegraphed a short Treasury position after liquidating long positions for quite some time. More on this later.