OOO operates in the front 2 contracts (ie presently the steepest part of the curve). E.g. at the start of April, they own mostly May. By mid April they are already rolling their futures to June and have rolled the book by the last week of April to June. So the approximate calculation you need to work with is second minus first (forgetting every other variable, but this is by far the most important right now).
BttS, I'm no CFD expert sorry, but I assume its the same principles at play.
Same thing when everyone wanted to buy the VIX because it was low all that time ago (I think Feb 19). You could buy it, but the curve was steep, so keeping your position waiting for the move high ate your capital up too quickly. Conversely all the funds that shorted it (leveraged too) to pick up the carry did well.. until it blew up and they all got blown out of the water. Identical principle here.
OOO Price at posting:
$19.36 Sentiment: None Disclosure: Not Held
