IG - WTI Spot Price vs Future

External question — Quantitative Finance Stack Exchange Author: XTrading Original post: https://quant.stackexchange.com/questions/53467 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. I am a beginner and have a basic question. I was looking at OIL - US Crude in IG today (20th of April), they have a spot and a future contract. Today was the last trading day for May future contract. The future contract was trading at less than one dollar and the spot contract was trading at 20 USD, how does it works, I thought the future would converge to the spot price and would be equal to the spot price at maturity. What I was looking in IG: OIL - US Crude I think it is tracking NYMEX WTI I didn't buy anything, I am just trying to understand. What do they use for "OIL - US Crude" spot price, on NYMEX WTI I only find futures and no spot market, I don't understand the underlying and why the price is currently around 2200. How does it works, why didn't the spot price drop more or the future go up ? Thanks a lot for your help !