Although this is largely a paper phenomenon, the thing to pay attention to now is ripple effects. A few weeks ago, Capital One was granted a regulatory waiver

Although this is largely a paper phenomenon, the thing to pay attention to now is ripple effects. A few weeks ago, Capital One was granted a regulatory waiver from the CFTC over its oil derivatives positions - a waiver it since declined to use: > The registration is related to Capital One’s commercial lending to the oil and gas industry, a relatively small part of its overall business. The bank enters into commodity swaps with energy clients to help them mitigate the risk of energy price swings and the related borrowing risks. https://www.reuters.com/article/us-health-coronavirus-capitalone-cftc/capital-one-says-it-wont-use-cftc-waiver-related-to-oil-lending-idUSKBN21M0TS https://www.reuters.com/article/us-health-coronavirus-capita... Most people don't immediately think of Cap One as an oil futures player. But its lending business caused it to enter the market to hedge some of its loan portfolio. Given the highly unusual nature of what happened today, it wouldn't be surprising to see future announcements of banks or other financial institutions getting into trouble over commodities derivatives bets going pear-shaped.