RE:RE:RE:News.I think the biggest single piece of news is the early rollover to the July contract. That is excellent news for price stability because at 2:30 today, it means that we're getting out of the June contract before more hopefully temporary carnage continues. Oil futures are still going to be low because the demand has dropped off. However, by July, we can be hopeful that some of the demand is starting to come back online, supporting government measures are in place (buying up stock for reserves, etc), and OPEC/Russia see the need to ramp production down even more aggressively. We can hope anyway...
I think the other really good news is the temporary suspension of 2x leverage. The problem with the 2x leverage right now is that the very same leverage is what makes it possible to hammer the value of this thing right down to zero as nearly happened yesterday. Without the leverage, the commodity needs to drop by 100% for the ETF to drop 100%. Temporarily removing the leverage puts a bottom on things.
Importantly, generation of new shares by APs is still suspended. This bouys the prices off of NAV temporarily and is a good thing as long as people understand that it's a temporary situation. It is what will give us an open that is not way down at 45 cents or so.