this post was submitted on 27 Mar 2024
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submitted 4 months ago by [email protected] to c/[email protected]
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[โ€“] possiblylinux127 5 points 4 months ago* (last edited 4 months ago) (2 children)

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

[โ€“] [email protected] 1 points 4 months ago (1 children)

I know. I was just joshing and tossing fake facts around. ๐Ÿ˜‰

[โ€“] [email protected] 1 points 4 months ago

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!

[โ€“] [email protected] 0 points 4 months ago (1 children)

Also, Crude Barrels have a shelf life so you definitely wouldn't store them like that for any extended period of time.

[โ€“] possiblylinux127 1 points 4 months ago (1 children)

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.

[โ€“] [email protected] 0 points 4 months ago

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.