Sell USO by Dec 1, 2026.

As I expect some sort of deascalation/ good news from the Middle East, I have opened a short position in heating oil as it offers qutie a bit more downside if the energy complex begins to unwind. The physical crude market remains remarkably soft in the context of the disruption across Iran and Russia and I expect any de-escalation headlines around Hormuz to remove part of the geopolitical premium from oil. Heating oil has more room to the downside as …