The percentage of contracts that result in delivery is only a marginal factor in this case. The fact that physical delivery exists makes it so that positions mu

The percentage of contracts that result in delivery is only a marginal factor in this case. The fact that physical delivery exists makes it so that positions must be closed out; even if the May contract is down 44% on the day and you thought you would be clever buying the dip on Friday when oil couldn't possibly go lower.