If it is possible to estimate it, how does one do this, and what is it?

  • $\begingroup$ You could look at the spot oil price in cushing (i.e. here) vs the wti futures prices and calculate the convenience yield each day. The exchanges also now have storage futures which you could potentially extract some information from, though they are not liquid yet (if they ever will be, they seem to have a habit of creating underlyings just so they can do press releases, even if they end up rarely if ever trading...). $\endgroup$ – will Jan 27 at 19:23

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