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A comment on Oil plunges below zero for first time with May contract ending. Parent comment

Re:Oil plunges below zero for first time with May contract e... by thoraway1010 on Monday April 20, 2020 @12:56PM (#22925738)
100% false. Where are these facts coming from?

The specs for delivery are always very clear because price depends on where it needs to be delivered!

"Delivery shall be made free-on-board ("F.O.B.") at any pipeline or storage facility in Cushing, Oklahoma with pipeline access to Enterprise, Cushing storage or Enbridge, Cushing storage."

What does it mean to be "normally not a destination for oil" and who is doing this checking (do you realize the volume of oil that is traded monthly? The futures market being discussed here uses standardized contracts.

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Re:Oil plunges below zero for first time with May contract e... by bluGill on Monday April 20, 2020 @01:49PM (#22926384)
Not everyone is allowed to trade, there are rules if you don't have ability to accept oil they make it hard to get a contract that doesn't sell automatically. (not impossible, but a mistake guns up their processes so they have procedures to avoid it)
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Re:Oil plunges below zero for first time with May contract e... by OrangeMango on Monday April 20, 2020 @03:00PM (#22927135)
And you get the entire month of may to take delivery. If you become an accidental owner of crude oil tomorrow, you still have time to arrange a solution with someone that can take it. Financially, it doesn't sound like a good situation to be in though.
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