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Over the last month, shares of the United States 12 Month Oil ETF (USL) have fallen by 15%. This drop has been accentuated in recent days in what seems to be an ever-increasing selloff of growing intensity. In this piece, I will dig into the mechanics of the USL ETF as well as the underlying fundamentals of crude oil. It is my opinion that, in the coming weeks, there is much more downside for crude oil and the USL ETF.
Fundamentals
To understand what’s driving USL, we need to look under the hood