USO ETF says fund has issued all remaining registered shares

Announcement from USO

• USCF (fund manager) says suspending USO ability of authorized purchasers in baskets
• Ability of buyers to redeem redemption baskets unaffected
• USO NYSE ARCA trading won't be discontinued on creation of baskets

The fund filed to yesterday to register an additional 4 billion shares but that hasn't taken effect. They're waiting for the SEC to approve it.

This isn't any kind of death knell or anything like that but it could skew the ETF if more money pours into it (god forbid).

However this isn't important for underlying oil. Since there are no new units being created, USO ETF buyers can no longer prop up the June oil contract. Units can be cancelled so it's a one-way market now.