June/July convergenceSo I guess in the bigger scheme of things we're wanting July to come down a bit and June to go up a bit right? July coming down to converge a bit on June probably means that we have better rebound potential in coming days. July coming down too much on the other hand means that the panic selling spreads into July selling. Somewhere around $18 maybe on the July please :)
I don't even know lol...
USO handled this a little differently and that's likely a good thing. USO putting everything into July contracts would probably have introduced lots of "extra special" speculative volume, shorting etc into July. FYI looks like yesterday they blended June & July about equally and threw in a bit of Aug for good measure.