The Oil Fund Beating USO by Harvesting Roll Yield Faces Its Biggest Test Yet

DBO's roll-yield strategy generated a triple-digit gain this year by benefiting from crude oil backwardation, but the EIA projects WTI will fall by more than $30 per barrel by spring. Such a decline in spot crude would likely overwhelm gains from futures-curve positioning, creating a material downside risk for oil-linked funds and the broader energy sector.