Discover and read the best of Twitter Threads about #DarkInventory
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@Big_Orrin 1/n This is interesting 'Oil war' bollocks hid the reality of a Covid demand shock blowing through a Saudi-funded WTI peg. So Saudi pumped like mad & sent a fleet to deliver into the May 2020 WTI delivery window. Why? The reason is USO oil fund
@Big_Orrin 2/n Both @petromatrix & @izakaminska documented strange 'bloat' of USO (in 2009) when Supercontango bizarrely combined with a rising market. They both remarked on a similar bloat in 2015 (I think) & Izzy wrote some great stuff on #DarkInventory @FTAlphaville
@Big_Orrin @petromatrix @izakaminska @FTAlphaville 3/n Now, a $2bn USO pool of physical crude oil which required only 30m bbl at $70/bbl required 80m bbl at $25/bbl. Hence Saudi panic pumping & wave of oil to the Gulf during the May 2020 window. This informs the barking mad April 20 May WTI 2020 expiry
