Yes, the dinosaurs had the same idea 65m years ago. it took some time, though, until someone found some use for it again. I hope you are patient. lol
CL Settlement Net Changes: May -55.90, Jun -4.60, Jly -3.14, Aug -2.69, Sep -2.24, Oct -1.90, Nov -1.64, Dec -1.41 May Volume: 224,816 Jun Volume: 1,136,362 Dec Volume: 81,901 CME just officially settled the May '20 CL Contract at: - $37.63
My worthless guess is people got blown out on margin calls today and tomorrow will be relatively quiet.
No doubt there well plenty of retail types bottom fishing who got auto-liquidated by their brokers at insane price levels.
https://www.cmegroup.com/content/dam/cmegroup/rulebook/NYMEX/2/200.pdf https://www.cmegroup.com/content/dam/cmegroup/rulebook/NYMEX/1/7.pdf 714. FAILURE TO DELIVER In the event a clearing member fails to fulfill its specific delivery obligations pursuant to Exchange Rules, the sole obligation of the Clearing House is to pay reasonable damages proximately caused by such delivery obligation failure, in an amount which shall not exceed the difference between the delivery price of the specific commodity and the reasonable market price of such commodity at the time delivery is required according to the Rules of the Exchange. The Clearing House shall not be obligated to: (1) make or accept delivery of the actual commodity; or (2) pay any damages relating to the accuracy, genuineness, completeness, or acceptableness of certificates, instruments, warehouse receipts, shipping certificates, or other similar documents; or (3) pay any damages relating to the failure or insolvency of banks, depositories, warehouses, shipping stations, or similar organizations or entities that may be involved with a delivery. Notwithstanding any provision of the Rules, the Clearing House has no obligation or liability to any clearing member or any other person relating to a failure to fulfill a delivery obligation unless it is notified by the clearing member that did perform, or was in a position to perform its delivery obligations, that a failure occurred, as soon as possible, but in no event later than 1 hour after the delivery deadline for the respective product, which may be extended by the President of the Clearing House or the President’s designee pursuant to the provisions of Rule 702. If a clearing member does not fulfill its delivery obligations to another clearing member, it shall be responsible to the Clearing House for any damages incurred by the Clearing House as a result of such delivery obligation failure. A failure by a clearing member carrying a short futures position to tender a Delivery Notice on or before the time specified by the Clearing House on the last day on which such notice is permitted shall be deemed a violation of this Rule, except that the President of the Clearing House may, for good cause, extend the time to present such notice. Unexcused failure to make delivery shall be deemed an act detrimental to the interest or welfare of the Exchange. In addition to any penalties imposed as provided in Chapter 4, the Clearing House Risk Committee shall determine and assess the damages incurred by the buyer. 715. FAILURE TO ACCEPT DELIVERY OR REMIT FULL PAYMENT Where a buyer to whom a delivery has been assigned by the Clearing House fails to take such delivery and make payment when payment is due, the seller tendering such delivery shall immediately notify the Clearing House. If a clearing member obligated to receive delivery fails to make full payment to the seller, the Clearing House shall debit the account of said clearing member an amount sufficient to complete the delivery. Failure to accept delivery or to remit full payment shall be deemed an act detrimental to the interest or welfare of the Exchange.
If you have not been pre approved by the exchange and your FCM/Broker to make or take physical delivery, you are going to get auto-liquidated by your Broker before last trading day and first notice day.