What a wild two days
There was a massive rally in May oil today from -$37.63 at yesterday's settlement to +$9.06 today.
Open interest fell to 13,044 contracts, so that will be 13 million barrels of oil for delivery in Cushing at $9.06/barrel. That's right around some of the physical prices, although it's a reflexive market.
Here's the chart of the contract:
Meanwhile, there was a squeeze higher in the June contract to $14 in the June contract but it was short lived in a fall back to $10.63.
Settlements:
- May up $47.64 to $10.01... that's a gain of infinity as far as my math is concerned.
- June -$9.96 to $11.57
- July -$7.59 to $18.96
