Oil and most gas is abiotic. Produced in the mantle of the earth in huge amounts.
It is a long squeeze on the commodity markets.
When someone is long (betting on higher prices) with futures, an opposite contract (short) can be bought to get out of the market.
People are panic buying short positions to end their risk on long positions
The lady in the virus protection suit forgot to take of her highly contaminated suit before going outside. KEK