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< BACK TO ALL REPORTS

Oil. Ugh.

Jason Goepfert
2020-04-20

There isn't much to add about the move in crude oil. We can't find another occurrence of the front-month future of a major commodity contract trading in negative territory. It might have happened at some point, but we can't find it. It's at least worth pointing out the folly of "this won't end well" kinds of comments related to the surge of shares in funds like USO, assuming that mom-and-pop are rushing into the oil fund. Shares outstanding have skyrocketed, but much of that may be due to short sales. Just pull up this chart - when USO has bottomed, it has coincided with shares outstanding going parabolic every time.

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