[SAJ]

They’re buying (and selling) futures contracts. If they buy a contract, they have to sell it before the closing date — or take delivery of the oil.

Nonsense. As the futures contract they've bought nears expiration, they simply sell their position back into the mkt and repo the same position (or a larger one) in a contract month further away.

Any other fantasies?

[USFRIENDINVICTORIA]

Just who is your fantasy buyer for the contracts the speculator wants to dump, just before expiration?

[count-your-change]

Aren’t you thinking of options as opposed to futures contracts?