If oil trades three consecutive days above $111 the fund will liquidate. It then trades till the end of the quarter and at the end participants will be payed the NAV value.
Right now tha NAV is $4.05 real time. And it trades a bit above $9. So it trades a significant amount above NAV.
The reason is that the lower the price DCR the more it works like a leap option. Since for every 3 price decrease of oil the NAV will rise $1. But on the other hand the closer oil is going to $111 the higher the risk of expiration of this "option".
I think the main reason would be that it is trading way above its Net Asset Value (NAV). Also, another reason could be that since the average volume is relatively low, it is more susceptible to market volatility. Just what I think.