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this post was submitted on 27 Mar 2024
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Fun fact there was a guy a little over a decade ago who got drunk and traded 7m barrels of oil futures. Not dollars, barrels. He made the price of oil jump up for a short while.
https://www.theguardian.com/business/2010/jun/29/drunk-oil-trader-banned-fsa
Funnier Fact: they had to stack all those barrels behind the corporation's building until they could sell them all.
::I made this up::
the best source
Artisanal sourced. With an emphasis on anal.
Does that butt have any other fun facts up there?
The roller coaster was invented during the Hundred Years’ War as a way of launching supplies across rivers.
Disclaimer: I'm stealing these ~~fake~~ fun facts from other people.
Actually a oil future is basically a promise to make oil for a certain price. There are also are vegetable futures
That means the oil wasn't produced yet
I know. I was just joshing and tossing fake facts around. 😉
But I do remember a story (on daily wtf) where a lady bought coal futures and somehow forgot or didn't manage to sell, and a coal barge turned up in the river behind her office!
Also, Crude Barrels have a shelf life so you definitely wouldn't store them like that for any extended period of time.
A future means that they will be created at some point in the future. Basically its an agreement to buy for a certain price in the future regardless of what the markets are doing.
Yes you said exactly that in the comment I replied to, I never argued against it I was just adding onto it. We both were talking about how unrealistic the comment further above yours was.
Well he was 69% of all traded volume..... nice!!
Isn't that wild?