We have very fundamentally different definitions of counter party risk.

Those lbs that are being carried are not designated to a specific utilities if the trading house has a liquidity event.

You assume the risk of their entire book of business, not just their carried lbs.
I wholly disagree that a carry trader is a lower risk counter party. Any risk you have with a producer a trading house will likely carry that same risk.

It's a pass through. And if they take a dirt nap you get in line with the rest of the creditors for the scraps
Not sure there are any commodity business a trading house garners a risk premium. Maybe a convenience premium, but not a risk premium
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