I am not talking about the physical product but figures on paper, or a screen. It does not vary even if you are talklng about crude of different gravity. Like gold that stays in the vault, it still changes hands.
I am not talking about the physical product but figures on paper, or a screen. It does not vary even if you are talklng about crude of different gravity. Like gold that stays in the vault, it still changes hands.
I don't follow. Unlike investments in gold, crude is bought and consumed, not held. Only the Strategic Petroleum Reserve buys oil to hold, but it doesn't change hands, unless it comes out of the ground and is delivered.
Trading on the market is not trading oil, it is trading the future delivery of oil. But I don't see how that relates to Alaska oil to Japan.