The May contract was still selling at $22 as of last Tuesday. I don't know much about oil markets but my base assumption would be that we would do this whole thing over again in 30 days unless something significant happens in consumption or production? When do the output cuts begin?
I wouldn't touch this market with a 10 foot pole. It is absolutely ripe for government intervention and abuse. And if the fed does get involved they aren't going to be in there to bail out the short sellers.
