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Much focus has been on arbitrageurs, or “arbs,” hedge funds that are betting on whether the company’s $44 billion sale to Elon Musk will go through, despite the billionaire’s efforts to walk away.

Hugo Xavier, CEO of K2 Trading Partners, said arb trading benefited from a lack of interconnectivity among crypto exchanges: "That's good because you have different prices and that creates arbitrage opportunities."

But the arb, or price at the coast compared to origination point in Midland, Texas, is widening again after contracting beginning in March 2020, an early signal of rising shipping prices.

“Yea but they are like you will lose money in arb,” Skaggs wrote.

“The arb has to widen for U.S. oil to find markets.”