Yeah I've posted about a few times on XSO. Basically I expect WTI/Brent spread to close and even cross over. Ie: WTI to be priced higher than Brent. As such I was surprised to see USO down more than BNO...but this is all opportunity. I will be taking on a medium term pair trade here...long USO, short BNO. Iran sells to the Brent market also which should exacerbate the move as they ramp up.
The Big Boys, page-424
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