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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts
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ajtj99
To: Sun Tzu who wrote (57706)4/23/2022 3:32:54 PM
From: Sun Tzu1 Recommendation  Read Replies (1) of 97611
 
Correction - for #1, I meant to say that the contract roll date is different than the expiry date. Basically, there is a last date after which you are committed to taking delivery and cannot roll it over. The actual contract expires later and you can buy or sell it, but you cannot roll it over. The n00bs did not understand that and thought they can roll over until the very end. Once they realized that was not the case, they were desperate to sell their contracts because they could not take delivery (not having oil tanker and refineries and all). Under normal market conditions this would not have been as big of a problem. But back then oil storages were maxed out. Even oil tankers were full and were being used as floating storages. So the price of oil plunged deep into the negative range. I think Carl Icahn made a $100M on that day simply because he had some storage space in his refinery that he could utilize to store the oil.
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