So I was musing about this, and I think my instinct was correct but I didn't state it clearly.

Others below stated it better than me, but just to refine my own thinking I'll restate it.

The negative carry, or cost of control, cost-of-HODL, is a critical factor in the value of a collectible, obviously. Oil has a low value-density compared to its cost-of-HODL, because it's value is dominated by utility, like a banana. Its very hard (not impossible) for a recognised collectible, a store of value, to go into negative prices because for it to be a recognised collectible it would need to have a low cost-to-HODL.