The volume has rolled into the June contract but we’re going to be watching all of May, June and July closely in the coming days. The May contract expires on April 21 while the US is selling some of it June position to put it in July because it’s 25% of the open interest.

What’s notable about May is that those buyers will have to take delivery. At $18.27 in today’s settlement, there isn’t much appetite for that.

However in June it’s $25.08 and July at $29.43.

There are some unusual things going on in the oil market right now. It’s been quieter this week but that’s not going to last.

Here is a look at the June chart, which has fallen four days in a row: