Disagree with the comment that OOO was exposed to negative.
on April 21 the April contract went negative. OOO had already rolled to May contract in early April so was not facing negative prices. (although possibly large contango).
they then made (in hindsight a super bad decision) and I suspect on average sold May for about $13 and bought July for $25. this possibly reduced the risk of zero downside, but massively capped upside ..
looking at early US prices tonight.. big increase back to US$39 and US$40 on the contracts OOO is exposed too
OOO Price at posting:
$19.36 Sentiment: Buy Disclosure: Held
