Open interest is still 108,000 contracts
The CME says oil futures can trade in negative territory. We're not too far away now with the May contract hitting $5.56 now in an absolutely catastrophic rout.
To be sure, there is more volume in the June contract but I'd also point out that this is the real volume because it's crude for delivery. If you're holding an oil contract tomorrow at the close, you're taking delivery of that oil.
This drop right now says that no one wants that oil.
I don't understand how June can be at $22.40. That's a testament to suspension of critical thinking.
No one wants the physical stuff at $4.49 now and you think think they'll want it at $22.20 in a month?
Update: I can't even keep up with this... $4.04 at the low
