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Negative Oil & Nickel Squeeze: A Feedback Model for Extreme Commodity Futures Prices
On April 20, 2020, the May front-month WTI oil futures contract, one day before its expiration date, opened near $\$17/$barrel and dropped far below zero in a single trading day, reaching an intraday low of $-\$40.32$ and settling at $-\$37.63$. Such market behavior was unforeseen at the time. This
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