May Crude Selling for $1.xx??? Holy cow

Honestly oil is literally saying DEPRESSION!!!!

 

Rally, RALLY! Better cover. Oil now only down _-$37.63!

 

I'll take 1 million barrels and 37 million cash please

 

1 million? Shoot TEN MILLION!!

 

USO still trading where it opened up at around $3.80

 

They actually said that word on Bloomberg News a moment ago.

Oil is in a "depression," while other industries have priced in a recession and recovery. *

* Assuming you believe news.

 

So tomorrow oil goes back to 20 as if today never happened

 

CME just officially settled the May '20 CL Contract at:

- $37.63

 

So who blew up?

 

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