What happened? Well I was in the same bandwagon of what the heck?
There is no huge news (yes rig count decreased again and the usual talks of OPEC discussing).
So why?
The reality is that DWTI, a triple inverse ETF with NAV running at a deep discount from the current price) has been liquidated.
A triple inverse ETF means that is 3 times short. So to liquidate it the manager of DWTI had to buy 3 times long.
And here the spikes. From December these action happens as very tradable ETF trade quite illiquid markets.
investorpolitico 