YGRN - The United States Oil ETF: Don't Fret The Rise In U.S. Oil Inventories

• US oil inventories have soared since mid-February due to refinery outages in Texas due to record-setting cold weather.
• US refineries have been slow to recover from the Arctic blast, and US inventories of both gasoline and distillates are plummeting as refiners work through stocks to meet demand.
• Rising refining profit margins (crack spreads) should lead to a surge in refinery utilization and rapid drawdown in inventories into the summer driving season.
• USO changed the way it tracks oil due to commodity market dislocations last spring; however, the fund still offers a play on a potential rally in oil prices into summer.

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