Unfortunately the market has initially read this as a sign of...

Unfortunately the market has initially read this as a sign of poor demand.

Only a matter of time though before demand picks up. Once the "glut" is cleared it looks like there will be a supply shortage based on world-wide supply cuts so we'll get the bounce eventually.

How long it takes is anyone's guess and we have the June contract expiring next week so fingers crossed it doesn't sell off like the May one did.
Waiting waiting waiting.
GLTAH.