Read it yesterday and made me investigate. Realised that rolling near term oil futures is only guaranteed to measure the typical loss incurred from rolling near term oil futures - nothing else.
Consistent NAV destruction here over 9 years. OOO's started at $54.66 (11 Nov 2011) to around $4 yesterday - ie 7% left, 93% burnt. With the 1 & 2 month futures being mostly in contango, it's disasterous to be constantly rolling them.
Yesterday it was mainly the small futures traders taking the hit, today the turn of managed funds and indexes (it's guesswork, but OOO reported NAV to drop around 40% today by my guess).
OOO Price at posting:
$19.36 Sentiment: None Disclosure: Not Held