$ONG Wow! The spot market’s flat price is just a cover-up; the futures market has already set the direction. The active buying orders are less than half, and the long-to-short ratio has been pushed below 70% by the seller. The basis has shifted into a discount, and the longs don’t even have the right to counterattack. Leverage is being drained at the same time—spot longs are still collapsing. There’s no fuel left to keep this going. Nobody can take this position.