For those wondering how oil futures are negative: $1 is apparently the cost to figure out how to get rid of a barrel of oil you just took delivery of.
For those wondering what would happen to an oil-perp: it depends on what index it tracks.
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What does "the underlying physical asset" mean here? The world seems to think there's a big difference between "the abstract notion of a barrel of oil" and "a barrel of oil you have to take delivery of and deal with for months".
This is exactly the point.
And it's 1000 barrels of oil per contract.
And "deal with" for month(s) within strict guidelines in order to allow you to redeliver asap.
And handle cost of carry and logistics
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