That trade works when the market is in steep carry, usually a result of depressed prices.
That trade does not work today when the market is very inverted: you buy the spot oil, and sell a call in the future. But the term structure is pricing lower oil prices in the future. You take that hit on your spot cargo.
That trade only works if you are bearish the curve and bullish flat price. And if you have this view, it's just about the worst possible way to structure that trade.
The cure for high prices is high prices. Curve inversion ensures that anyone with oil today is incentivized to sell it asap.
That trade does not work today when the market is very inverted: you buy the spot oil, and sell a call in the future. But the term structure is pricing lower oil prices in the future. You take that hit on your spot cargo.
That trade only works if you are bearish the curve and bullish flat price. And if you have this view, it's just about the worst possible way to structure that trade.
The cure for high prices is high prices. Curve inversion ensures that anyone with oil today is incentivized to sell it asap.