Biggest Commodity Index Shifts WTI Crude Exposure Away From July

(Bloomberg) -- S&P Global Inc., the company behind the most closely followed commodity index, said it will roll West Texas Intermediate crude oil futures for July into August for its commodity indexes.

The shift will occur during the regularly scheduled roll period in May, the company said in a statement. During the course of May, it would normally be rolling exposure from June contracts to July contracts.

S&P Global triggered a big drop in oil prices on Tuesday when it told clients to roll all their exposure out of WTI futures for June into July with immediate effect.

The changes affect investment products that track the S&P GSCI, the most popular commodity index that’s tracked by billions of dollars in passive, long-only funds such as pension funds.

U.S. benchmark WTI has plunged 68% this year amid a supply glut and collapse in demand due to the coronavirus. June futures ended trading on Friday at $19.78 a barrel, up 94 cents.

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