Wait five minutes. ETFs that use futures - like USO - are being driven to 0 by front running, as others know they have to roll to later months and Cushing physical storage evaporates, so spreads cannot be arbitraged. USO holds something like 25% of all long June positions.
The number of people trying to pile into this thing exploded by a factor of 5 right as the bottom was dropping out of the futures market. They were all bottom fishing and they're getting absolutely slaughtered.
Um, today June crashed by half, too. Try to keep up.
Stop being an ass.
Are June contracts negative?
Wait five minutes. ETFs that use futures - like USO - are being driven to 0 by front running, as others know they have to roll to later months and Cushing physical storage evaporates, so spreads cannot be arbitraged. USO holds something like 25% of all long June positions.
The number of people trying to pile into this thing exploded by a factor of 5 right as the bottom was dropping out of the futures market. They were all bottom fishing and they're getting absolutely slaughtered.