Is Oil the New GameStop? -- Market Talk

Dow Jones04-03

1546 ET - Every market -- from Superbowl Sunday on Kalshi to gold on the New York Mercantile Exchange -- is made, to some extent, by speculators. What's also true is that 21st century markets can be affected by speculators' attention, much as wheat crops can be affected by the attention of locust swarms. "Meme" traders had a hand in the improbable three-year septupling of bitcoin. Meme traders helped gold to its biggest annual gain in at least 45 years last year. Now, oil markets have drawn the attention of meme traders. According to an AI-assisted Google chart, the monthly mentions of USO -- day traders' favored oil play -- rose sevenfold from July to 1400 in March on the WallStreetBets subreddit. That's still shy of the average 8,000-9,000 mentions of GameStop. The average daily volume of the USO ETF has also risen eightfold since July. U.S. oil rises 11% to $111.54 a barrel. (rob.curran@wsj.com)

(END) Dow Jones Newswires

April 02, 2026 15:46 ET (19:46 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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According to an AI-assisted Google chart, the monthly mentions of USO -- day traders' favored oil play -- rose sevenfold from July to 1400 in March on the WallStreetBets subreddit. That's still shy of the average 8,000-9,000 mentions of GameStop. The average daily volume of the USO ETF has also risen eightfold since July. U.S. oil rises 11% to $111.54 a barrel. 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What's also true is that 21st century markets can be affected by speculators' attention, much as wheat crops can be affected by the attention of locust swarms. \"Meme\" traders had a hand in the improbable three-year septupling of bitcoin. Meme traders helped gold to its biggest annual gain in at least 45 years last year. Now, oil markets have drawn the attention of meme traders. According to an AI-assisted Google chart, the monthly mentions of USO -- day traders' favored oil play -- rose sevenfold from July to 1400 in March on the WallStreetBets subreddit. That's still shy of the average 8,000-9,000 mentions of GameStop. The average daily volume of the USO ETF has also risen eightfold since July. U.S. oil rises 11% to $111.54 a barrel. 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