I have never taken physical delivery of any Commodity---but his assertion is that there is very little speculation in Oil b/c after 29 days the buyer has to take physical delivery. Intuitively, there is something wrong with that argument b/c many CL participants are not taking physical delivery. My thoughts are they just rollover their contracts to the next trading month in a sophisticated manner to avoid huge drops in the price while they are repositioning. But I am interested in some traders who know the mechanics of the CL Futures Physical Delivery System and Rules to understand how much credence to put in RS`s argument. I know it is wrong, b/c hedge funds don`t take physical delivery and they have been big players in this move up, so how are they doing it without taking physical delivery? It seems if nothing else, there is a lot of "collusive positioning and cordinated buying and selling" to accomplish this feat if the physical delivery constraint is as predominant a barrier to market speculation as RS thinks it is! THOUGHTS?