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For our trend following tables we are discontinuing following USO and switching to USL.  USL is a rolling contract of the next 12 months of crude oil futures.  

The May contract for crude oil has collapsed to unprecedented minus figures.  They are paying people to take crude oil at the Cushing, Oklahoma hub.  This is due to decreased demand and lack of storage capacity.

The USO crude oil ETF is based on holdings of front month futures.  There is speculation now that June futures will also collapse, since it is doubtful that demand or storage capacity will change much before that contract expires also.  USO might not survive as a viable ETF.

It is worth noting that obviously there are many traders and funds that were exposed to crude oil and may have gone bust this week.  In that case it is often imperative that they exit all of their positions in everything in order to pay margins.  This could account for some of the sympathetic selloff in stocks, gold, and other commodities.