As I write, it is almost 27:1. I believe we have only seen ratios above 20 for brief periods following little events like wars in the Middle East. And I am not sure the ratio has ever been this high.
No, I do not know what it means. If I had to guess, I would guess that lots of small and medium players are betting that the ratio will normalize, and that they are getting squeezed by the larger players. If so, this would provide a great example of how our modern system of derivatives on derivatives on derivatives actually does damage by making the real, underlying markets less efficient.
Of course, I am just guessing. Maybe there is a good fundamental reason why someone is paying 27x the price for hydrocarbons with 6x the energy content. Theories welcome.