Futures Trading - Stoopid Questions

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1

Greetings fellow 212ers! I have a few questions on futures trading, not because I’m doing any but because I want to understand it better.

My understanding:
You can invest in futures on say Brent Crude. You invest your $100 USD in a Futures Contract due to expire on 1st March. The price of Brent Crude that you enter in on is $69 USD.
Between now and 28th Feb’, the price drops to $65 USD due to Opec having a bunga bunga party and someone leaning on a valve and accidentally flowing a few extra million barrels of oil a day.
So that you dont have take delivery of your share of the 1,000 bbls of crude, you close your position on Feb 28th with a $4 USD/bbl profit. Hurrah!

Now my questions:
Who fulfils your position?
Youre selling your share to someone else, so are you selling to a buyer who has an urgent need and will pay over the the current market price?
What if there is no such buyer?
Is no such buyer a practical impossibility?

2

@PD1882 Your example isn’t actually accurate because when you trade a futures contract, you’re obliged to buy or sell the asset at the predetermined price & time. See Investopedia’s explanation:
A futures contract is a legal agreement to buy or sell a particular commodity asset, or security at a predetermined price at a specified time in the future.
Thus, you’d actually end up losing $4 USD/bbl. Futures exchanges like CME are extremely liquid so fulfilling a position is pretty much guaranteed no matter the circumstances.