Traders also said the crude contract is down in part because retail investment vehicles like exchange-traded funds are shifting their investments away from front month June contracts to avoid getting trapped as many did a week ago, when the oil contract dropped to minus US$37.63 a barrel.
After last week's losses, the United States Oil Fund LP, the largest oil exchange product, said it would further shift its holdings into later-dated contracts, selling all of its holdings in the June contract. As of Friday, the fund held nearly 14,000 NYMEX June contracts, roughly 4 per cent of the current open interest in the June contract. In the last several days the fund has sold a sizeable part of its June position; in Monday's announcement, it said it will sell the rest of its June holdings by Thursday.
The Industrial and Commercial Bank of China said it will suspend all open positions for retail investor products linked to commodities futures, including crude oil, natural gas, copper and soybeans, from Tuesday.
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