S&P Global is reported to have told clients to roll all their exposure out of WTI June futures and into July with immediate effect

According to a notice by the company seen by Bloomberg, "this unscheduled roll is being implemented based on the potential for the June 2020 WTI crude oil contract to price at or below zero as well as the steady decline in open interest for the June 2020 contract".

A spokesperson from the company is reported to have confirmed the notice as well.

S&P Global runs the most popular and biggest commodity index in the world, the S&P GSCI. So, this is perhaps one of the reasons why oil prices have seen such heavy selling pressures over the past few sessions - alongside USO also announcing to exit June futures.

For some context, there are many investment products that are built to track the S&P GSCI with billions of dollars in passive funds - like pensions - also tracking the index closely. Hence, the shift in the exposure above does play a part in impacting the assets involved.