Really? Sounds reasonable and I even agree, but the problem with this is that the information is only available to us after the market actually dropped. And now that we're here - what from here? I've thought about volume a lot and still have doubts about its applicability in making trading decisions on a market as thick as ES (which is arbed against an index and used for hedging purposes left and right). I feel volume in equities and commodities makes more sense. But I certainly don't know for sure and try to keep an open mind.
You are correct as long as the price of June CL is below $12.50. Current Interactive Broker's margin is $12,500 per contract. I believe other broker's margin requirements are much lower.
This is stated on the AMP margins page... "Due to certain anomalies affecting Crude Oil Futures, trading has been set to Liquidating Trades Only. Any positions in Crude Oil, both long and short, are subject to liquidation." https://www.ampfutures.com/trading-info/margins/
There's an old adage that's been around as long as I can remember. Art Cashin on CNBC used to say it a lot. "Volume is validity". (where's he been btw... I hope he's ok. I like that old cat, he was always worth listening to) Oh lol... he had another great one too. Friggin' B1 should write this one down and stick it on his monitor: "Being right too soon is the same as being wrong."