WTI is probably going to go up sharply after reports tomorrow.
USO is Just way, way too oversold. Shorts will be covering if/when the inventory build is as expected. USO would be a good play for the relief rally.
The flip side of all this is that the extreme cold weather recently in the Bakken and freeze damages in Texas earlier this year will most certainly put a huge lid on WTI production. So less supply = higher prices. In the short term, that won't help much for the Oil & Gas players who will have earnings misses due to lost production.
Kind of a double edged sward; But a short term delay in oil out of the ground is just that a short term problem. it is not like "Alien's" from another planet took the oil to Uranus or something. They still own it!!