$52/bbl move today w/ 150k open gross contracts contracts, means about $3.9bn worth of P/L changed hands in Cushing today.

$PAA, $ENB, Traffy, Vitol probably some of the guys on the right side of the trade

Looking at contract specs for physical delivery, makes it even more amazing that a move like today happened. Buyers have more options than just storing bbls at Cushing. Seems apparent to me a financial not physical trader was on wrong side of it.

Physical commodity trading isn’t the exotic side of trading like the movies depict. It’s very relationship driven, talking to counter parties all day, every day; tough to get this caught offsides with that much communication and knowing limitations of physical infrastructure