@Rory_Johnston well actually if you hedge you can make tons of money participating in these exchanges BECAUSE of the backwardation. You sell the barrels today and buy back for $70 in 2029
@CRUDEOIL231 Sometimes you can't fight the current in financial markets. If the market wants to sell, they will. Gotta be careful about the timing of when they will have to admit they're wrong.
@Big_Orrin Do they then have to export a bunch of products? If they typically export the crude and don't run it domestically can we assume they don't have the domestic demand to sustain max utilization?