At expiration last month, the December-March spread guaranteed a 30% loss in 9 months for anyone buying December. The current one month negative yield roll of -5% is -80% annualized. "That's so fucking bullish".
Suffice to say that putting excess oil in storage tanks and assuming that will clear a supply glut, is a jackass strategy for jackasses. The futures market has artificially supported the spot market, but that game is ending, amidst a dwindling supply of cheap storage.
"I'm glad I paid top dollar for the upper deck, avoid all the hoi polloi"
And suffice to say none of this futures-market chicanery does anything to alleviate the monthly mark-to-Cushing price "discovery". A discovery that is realized along the entire futures curve.