High Yield ETF Disconnects From NYMEX Futures, Down Hill From Here?

HYG ETF HYG disconnected from its strong tracking against NYMEX Light Sweet crude oil futures. Oil has started to struggle to march closer to the $44 handle Dennis Gartman said we'd never see in his lifetime. It appears the panic buying on a well timed but unsourced Saudi rumor of a production freeze helped establish a base excuse for the late comers who decided to buy futures on the front of the oil curve using summer demand fundamentals as an excuse.
Rigs are still falling and maintenance periods continue to help keep crude price volatility alive and well in the US. The question now is, how much more high-yield exposure can the oil market sell to the world? If banks don't want to lend to oil companies and the market, through a collapsing HYG Monday morning is signaling they don't want oil exposure, how will oil companies fund their short term operations? Chatter on the street from traders is that Oil companies will start taking their DUCs in the US and using them as tangible assets to structure synthetic assets to sell in order to fund short term operations.

Recovery Accomplished?

Daily Chart of HYG (Blue, Right Hand Side) and CL_F (Pink, Left Hand Side)

One Minue Chart of HYG (Blue, Right Hand Side) and CL_F (Pink, Left Hand Side)