Four oil-focused ETFs, including WisdomTree Brent Crude Oil, United States Oil Fund, WisdomTree WTI Crude Oil, and ProShares Ultra Bloomberg Crude Oil, have posted net outflows for four weeks, the longest run since July, according to Bloomberg data. The outflows have totaled $211 million in the past week alone. This trend may be driven by profit-booking as oil prices rose after OPEC+ announced a surprise supply cut and key timespreads became more bullish. However, some products, notably diesel, have shown warning signals as investors worry about a global slowdown, including a potential US recession.
Oil Outflows
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ETF Newz Says:
Macroeconomic concerns may prompt longer-term investors to expect an eventual decline in oil prices, prompting them to pare back their exposure.