Every #RWRI we discuss the situation how *oil above ground* (hence the front oil future) can sqeeze suckers and have a negative value because it can be impossible to store during a glut and impossible to abandon because of EPA.
Negative optionality from liability. https://twitter.com/business/status/1252298699792883713

2/ Oil: The basis is out of whack because of storage. It is like being stuck in traffic in a Bentley, and no possibility of leaving it so you need to pay someone to take it from you.

3) This is from Dynamic Hedging (1997), with a discussion of fungibility and first deliverable contract.