Thanks for all the feedback everyone. They trade the Futures price and make a gain if it goes up but not by the full amount. So they buy and sell the contracts and there are other costs associated and also arbitrage and timing issues, Im assuming.
The price of futures last time I looked was $25. (correct me if im wrong)
Therefore if the lockdowns end in 1.5 months, and some planes start flying most cars driving, then oil spot may reach say $35
Thats $10 gain from $25, which should translate to hopefully $10 gain in OOO, which would bring it up to $14 (but may be lower because of the issues I mentioned above). Thats a 2 bagger.
I could be way off here, so please tell me
OOO Price at posting:
$19.36 Sentiment: Buy Disclosure: Held