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Oil ETF Slides Hard On Contango Tangle

On Friday we warned that massive retail inflows into the largest crude oil ETF were about to collide head-on with the widest contango in four years leading, in all likelihood, to “carnage.” 

For reference, here was the setup...

…here is the carnage…


...and here is the contango coming in through yesterday until nervous selling drove the April contract lower, pushing the contango wider still, in what could turn out to be a very non-virtuous circle for all of the home gamers out there. 

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BTFD!