Macroshares Oil Down (DCR) has a 206.50% premium currently. Why one wants to pay a steep price to bet on oil price going down in the current market is completely over my head!

Shouldn't it be the opposite: DCR should be trading at a steep discount to entice investors to bet on the unlikely event of oil price soon coming back down to earth?

I think that may be old data.   Also, the discounts or premiums of ETF are set by institutional level investors via arbitrage.  Perhaps there are significant contrarians willing to bet the energy "bubble" will collapse. Iow a possible hedge.

The small size of the fund, low price and investor lethargy at those levels make interpretation difficult if not impossible.  The ETF may be one of those recently closed by Claymore..