I think it's more reflective of traders and/or speculators getting caught with their pants down.
Normally there would always be a buyer for the contracts at a reduced price, but with storage nearly maxed out buyers have disappeared. Some CME traders have found themselves obligated to take physical delivery of a few thousand barrels at their Gold Coast apartments... Uh oh!
On the other hand, if you got a tank with some room, you could really make out.
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