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A comment on Dozens of oil tankers cluster off the coast of Texas due to oil price fall. Parent comment

Re:Dozens of oil tankers cluster off the coast of Texas due ... by nraynaud on Friday November 13, 2015 @12:57PM (#10561228)
what I don't get is that if there are future contracts, they have to be fulfilled when the time comes, wasn't all this oil bought in advance with future contracts? I guess actual users of the oil have actually ordered it before as opposed to speculators, they need it now don't they?
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Re:Dozens of oil tankers cluster off the coast of Texas due ... by pjh68 on Friday November 13, 2015 @02:09PM (#10561754)
Buy spot price, sell a future immediately. Works if the storage cost (i.e. keeping the ship & crew out of port) is greater than the spread.
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