Routine monthly account statement — no trading signal. Monitor USO's creation/redemption activity for directional oil exposure flows; the large net redemption suggests institutional de-risking from crude during April.
Price Chart
Executive Summary
USO filed its monthly CFTC Rule 4.22 account statement for April 2026, reporting net income of $271.1M and a NAV decline from $2.64B to $1.69B, driven by net share redemptions (22.3M shares withdrawn vs 12.9M added). The filing is a routine regulatory disclosure with no material new information for traders.
Key Facts
- Net income for April 2026 was $271,053,004
- NAV fell from $2,644,609,680 to $1,692,436,477 during the month
- 12,900,000 shares were added and 22,300,000 shares were withdrawn
- NAV per share at month-end was $146.87 on 11,523,603 shares outstanding
- Realized trading gain on commodity futures was $398,705,490, offset by $171,912,780 unrealized loss
Financial Impact
NAV declined ~36% from $2.64B to $1.69B, primarily from net redemptions of ~$1.22B; net income of $271M partially offset the outflow
Risk Factors
- Large net redemptions signal potential waning investor appetite for crude exposure
- Unrealized loss on commodity futures ($171.9M) indicates mark-to-market volatility in the portfolio
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-067258 |
| Document: tm2614350d1_ex99-1.htm | 0001104659-26-067258 |
| Document: 0001104659-26-067258-index-headers.html | 0001104659-26-067258 |
| Document: 0001104659-26-067258-index.html | 0001104659-26-067258 |
| Document: 0001104659-26-067258.txt | 0001104659-26-067258 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 28, 2026 5w ago | 8-K | $129.70 $150.01 | ▲ +15.66% | ▲ +15.40% | $142.40 (+9.79%) |
Jul 29, 2026 9w ago | 8-K | $129.31 $127.35 | ▼ −1.52% | ▼ −6.54% | $142.40 (+10.12%) |
Jun 29, 2026 13w ago | 8-K | $107.08 $136.69 | ▲ +27.65% | ▲ +27.93% | $142.40 (+32.98%) |
May 28, 2026 18w ago | 8-K | $130.97 $109.31 | ▼ −16.54% | ▼ −13.85% | $142.40 (+8.73%) |
Apr 29, 2026 22w ago | 8-K | $150.58 $130.97 | ▼ −13.02% | ▼ −19.07% | $142.40 (−5.43%) |
Mar 20, 2026 27w ago | 8-K | $121.41 $121.33 | ▲ +0.07% | ▲ +9.39% | $142.40 (−17.29%) |
US Market Status
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