i sold all USO on thursday. Now can only wait for a good pull back. Agree what you said. Demand is definitely way below normal situation in most countries in the world except for China (China's recovery has been the fastest and most aggressive in the world). And while balance reach to certain level, all oil producers in the world (russia, opec, even us's shale oil) will start increase production because everyone afraid to loose market share. So it's really difficult to go above $40 before a vaccine or a real cure rolls out.

Icehart pointed it out precisely. Yes, the best to understand is take a look at USO's holdings (which represents its NAV) : http://www.uscfinvestments.com/holdings/uso