You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more
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
And from that article, it sounds like the software literally couldn't process trades with negative prices, which would have prevented selling (and a lot of the language used implies that's exactly what happened -- specifically "locked in").
I'm assuming the exchange automatically bought it from them since that's where the bill came from, but then where does the oil actually go? If there's no storage left presumably the exchange can't take delivery either.
If you couldn't accept delivery, you defaulted on the contract. That results in a monetary loss. Where does the oil go? In some cases, the producer would slow production and "make" storage that way. In other cases, the producer simply burnt it.
Right, but how much monetary loss? Clearly it can be more than what you paid for the contract.
Yeah can’t claim to understand all of it, but Something like “to be able to accept delivery of that contract I have to make space for it by selling what I have at a loss to make room” paying someone to take the contract might be cheaper than making room to accept delivery
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.
