Oil ETF once again wreaks havoc on crude market in wake of sub-zero prices

The United States Oil Fund LP again roiled oil markets as it unexpectedly starting selling all of its holdings of the most active West Texas Intermediate futures contract, triggering a massive swing in the price relationship between the June and July contracts.

The ETF has changed its investment policy five times in the last two weeks. It also warned investors its valuation may deviate significantly from the underlying oil price, in effect acknowledging that it’s momentarily less focused on the price of WTI crude. In response to risk mitigation measures taken by its futures broker, the fund will invest approximately 30% of its portfolio in July contracts, 15 per cent in August, 15 per cent in September, 15 per cent in October, 15 per cent in December and 10 per cent in June 2021.

Shocker! Why don’t we keep everything closed and see how it goes. Good lord OPEN THE ECONOMY!

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