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I don't get how that works. Shouldn't he have gotten a few mil for buying those contracts at negative prices, and then also been in possession of a few million barrels of oil?
The legality of who has possession isn’t the issue as I understand it, it’s the actually taking delivery of the stuff that’s the hard part. (Unless you have un-used storage for a few mil barrels) Unless you can pay someone to take the contract off your hands, that’s expected.
Right, but what I'm missing is how the loss actually occurs. I get that storage was full in Cushing so there wasn't really any way to actually take delivery. But how does that result in a monetary loss? That would require having sold the contract
He could have just used it for cooking. A lot. I hear it's both sweet and light.
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