Toilet Paper Tuesday

"See, here's the bottom line - if speculative distortions were the "primary drivers" of price, then we would see tremendous distortions in the price of the front month .vs. longer contracts on that last day. $10, 20, 30 or more. That is, if the "actual delivery price" of oil is really $100/bbl, and the speculative premium $30, one minute before the bell on expiration day only those people who will deliver (or take delivery) have open contracts. That last trade is going to take place at the actual delivery price - it simply must, by definition, as these contracts do not cash settle - they settle with actual barrels of oil changing hands for money!"