$USO If USO lost $1B last month on contracts purchased on margin...that was way beyond the % that the SEC allows, their books have to have been slaughtered. Bulls are not seeing these massive losses reflected in their numbers and won't see it until they do their 2nd Q Earnings release. That is a lot of cash to cough up in a margin call. Regardless of what their future contracts are doing, this company got hit in the financial nuts...by a staggering loss. Insult to injury is that they have had staggering losses leading up to that event. No one has any idea how much $ USO actually has right now...but this week is indicative of them not having nearly as much as people think...and no where enough to justify this pps. In the long run, the pre RS price is still high. This ETF , over time will dwindle back down to pre RS prices...and that will be an 8X loss.