Normal
What you think was the "21st April futures price" that went negative and subsequently rebounded was the about-to-expire May 2020 contract.OOO was not holding the May 2020 contract at the time. So what you think you saw on whatever chart you look at, and the underlying futures contract that OOO was holding at the time (June 2020) are not the same thing.That same day, the June 2020 contract traded down from >$20 to $6.50 before bouncing. So what you saw in OOO was the result of mere price action in the June 2020 WTI contract.On the other hand, if the price had tracked the price of May as so desperately wish, OOO would just be straight up bankrupt.
What you think was the "21st April futures price" that went negative and subsequently rebounded was the about-to-expire May 2020 contract.
OOO was not holding the May 2020 contract at the time. So what you think you saw on whatever chart you look at, and the underlying futures contract that OOO was holding at the time (June 2020) are not the same thing.
That same day, the June 2020 contract traded down from >$20 to $6.50 before bouncing. So what you saw in OOO was the result of mere price action in the June 2020 WTI contract.
On the other hand, if the price had tracked the price of May as so desperately wish, OOO would just be straight up bankrupt.
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