Max Keiser as usual talks about how broken the whole system is. He is of course correct.
https://www.rt.com/news/486388-oil-broken-banking-keiser/
Alternate view from Forbes.
BTW BOTH these views correct. We all know the banking system & interest rates completely broken & manipulated. The Long Squeeze that Forbes is talking about is a completely logical explanation.
My one comment on the long squeeze... What were those traders doing LONG in the market?? (ie betting on rising price). Did they not trade with a Stop Loss (emergency Get-Out-Of-Trade-Before-You-Lose-Too-Much). What the hell are these traders & funds doing?? They know perfectly well that the contract closes for a new contract. It's obvious that they really screwed themselves, and these guys are the "professionals"?
This demonstrates an IMPORTANT LESSON : Do NOT trust the "professionals". They are ALLOWED to be cowboys by their firms (ie irrisponsible). If you like the idea of trading, learn to do something, even simple strategies on your own, do not hand your money to a fund! Their job is to COLLECT fees from you, NOT to look after your money! (they get your fees regardless of how they perform).