United States Oil Fund
148 hedge funds and large institutions have $469M invested in United States Oil Fund in 2025 Q1 according to their latest regulatory filings, with 21 funds opening new positions, 31 increasing their positions, 45 reducing their positions, and 39 closing their positions.
42% more capital invested
Capital invested by funds: $331M → $469M (+$138M)
29% more call options, than puts
Call options by funds: $1.03B | Put options by funds: $796M
14.05% more ownership
Funds ownership: 31.57% → 45.63% (+14%)
13% less funds holding
Funds holding: 171 → 148 (-23)
31% less repeat investments, than reductions
Existing positions increased: 31 | Existing positions reduced: 45
46% less first-time investments, than exits
New positions opened: 21 | Existing positions closed: 39
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Morgan Stanley
New York
|
+$40.7M |
| 2 |
Goldman Sachs
New York
|
+$37.8M |
| 3 |
JG
Jain Global
New York
|
+$31.6M |
| 4 |
Jane Street
New York
|
+$28.8M |
| 5 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
+$22.2M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Parallax Volatility Advisers
San Francisco,
California
|
-$24.4M |
| 2 |
HF
HRT Financial
New York
|
-$10.6M |
| 3 |
Citadel Advisors
Miami,
Florida
|
-$8.89M |
| 4 |
QC
Quadrature Capital
London,
United Kingdom
|
-$5.51M |
| 5 |
JF
Jump Financial
Chicago,
Illinois
|
-$4.52M |
USO Hedge Fund Activity: Q1 2025 in Review
148 of the 7,459 institutional investors tracked by Wall St. Rank reported a position in United States Oil Fund (USO) for Q1 2025, worth a combined $469M — up 42% from $331M a quarter earlier.
Sellers outnumbered buyers: 39 funds closed out of USO and 21 opened new positions — a net loss of 18 holders — while 45 trimmed existing stakes and 31 added.
The largest buyer was Morgan Stanley, adding an estimated $40.7M. The largest seller was Parallax Volatility Advisers, exiting entirely with an estimated $24.4M sold.
- 148 institutional investors held United States Oil Fund (USO) as of Q1 2025, down from 171 in Q4 2024.
- Funds reported $469M of United States Oil Fund stock for Q1 2025, up 42% quarter-over-quarter.
- 21 funds opened new United States Oil Fund positions in Q1 2025 and 39 closed out, a net change of -18 holders.
- The largest United States Oil Fund buyer in Q1 2025 was Morgan Stanley, an estimated $40.7M added.
- The largest United States Oil Fund seller in Q1 2025 was Parallax Volatility Advisers, an estimated $24.4M sold.
Based on aggregated 13F filings for Q1 2025.