Recent content by mrtrousers

You don't need bonafides, your broker does, they are the ones that got to be member of the Clearing. With gold they will give you an ACE at delivery why can't they do the same with oil? The broker should be in that list and willing to let you...

I'd like option 3, please. :) Chapter 200 CME Rulebook: At buyer's option, delivery shall be made by any of the following methods: (1) by interfacility transfer ("pumpover") into a designated pipeline or storage facility with access to seller's incoming pipeline or storage facility; (2) by...

That's what I don't get, why couldn't I just get a receipt for a 1000 barrels in a tank in Cushing and pay for its insurance and storage?

Why Is the Oil Price Negative and Can You Buy Some? An Explainer https://www.vice.com/en_us/article/epgejn/why-is-the-oil-price-negative-and-can-you-buy-some-an-explainer Planet Money Buys Oil

bone I got the auto-liquidated thing finally. :) Taking delivery of CLK20 would have locked up a lot of capital as with yesterday -40$ move would have required $$$ to mantain margin even if you had locked up a carry trade.

As it turns out storage is not full yet but fully leased. Given current events anyone intending to go long and take delivery should already have a storage lease. Wonder if O'Brien answer is due to those facts and if storage was plenty they would have answered otherwise. Regarding convergence...

Wonder if there is any truth to that graph though.

Well yeah, so far no broker I know lets you trade physical so they will all close your positions if you dont close them yourself before last trading day, also denying you the joys of convergence day lol. BTW I finally understood the issue is not storage now, it's storage in May.

It's like chasing a unicorn or looking for the pot o'gold at the end of the rainbow, really thought R.J.O'Brien would let me do it. Reckon, to make delivery, you either are a Clearing member or you got contacts to acquire the Oil in the spot market.

Last time I checked there was still a 30% oil storage capacity left, also if i'm buying oil that's already in storage the storage levels remain the same, the bottleneck is behind the refinery. And even if i could not use the info this time it be useful for next one, or for other products like...

I believe we are witnessing convergence, news says they'll pay you to take the stuff. Anyway, the question still stands. Is there any broker that will let you take physical delivery?

Dude, delivered in Cushing Oklahoma in some approved warehouse or designated facility. I just want a certificate/receipt for the 1000 barrels and pay for the storage and insurance cost while I'll hold it, the stuff would never leave the CME circuit, approved facilities, etc..

R.J. O'Brien had this to say about me trying to profit from the current contango situation, they might as well have said there is no such thing as a free lunch: We do not permit physical delivery in Crude Oil & require all clients to be flat 1 business day prior to Last Trade Date, no...