Oil is trading above $0 a barrel

If you have been on sabbatical or something and are wondering why my headline is about oil trading above zero, oh boy have you got some catching up to do!

• The May CL WTI contract is back above zero
• During RTH it hit lows under negative $40

Most of the volume of trade has switched to the June contract leaving the May contract at the whims of crazy delivery woes:

• Why the May CL oil contract traded (and is trading) at a negative price

If you are thinking to just bypass all the crazies and park your money in oil ETF, please be aware of the pitfalls that await:

• The mess in the USO ETF continues to unfold as it trades 7.8% above NAV