Are April WTI Crude Futures Going to Skyrocket Today

Curious note: the US Oil Fund, which is an ETF, holds 20% of the outstanding March futures contracts, and these have to roll by the end of NYMEX trading today from March to April. The ETF holds 81,050 March contracts as of February 5 according to its website, which is 4x the amount it held in December. It is possible that the 1-2nd months contango could exhibit some very odd behavior today as USO rolls. The only way the contango won't explode is if there are buyers on the other side of the trade. Although with recent rampant rumors about GS selling vol into the commodity market and other comparable trickeries, we fully expect some fireworks before market close.

Bloomberg link pending