There is no oil shortage to boot. These speculators can be brought to their knees fast. The SEC can say anyone that buys oil contracts going forward WILL TAKE and OWN DELIVERY. That’s all. You can’t easily fit a ship into some cubicle and the price drops to normal.
I believe, that IS actually how it works, but you just dump the contract before delivery. It might be europe where the buyer of a contract cannot sell off, but in our country they can be traded.
One day, nobody will take it.... What would you do, if trucks were coming to your house with a delivery? The float will need to go somewhere, and I suspect someone probably has a secret plan for storing it, and buying contracts when it craters, at prices like never imagined.