VelocityShares 3x Inverse Crude Oil ETN (DWT)

[Swing Party]

API stats from investing.com
Crude +9.94 vs est +3.15
Gasoline + .7 vs est -1.15
Distillates +1.5 vs est -1.15

Crude dropped slightly from 53.15 to 53 in the half hour between reporting and market close. In the past such numbers would have driven wti down a lot more.

There is a lot of money long crude right now. Big hedge funds are in deep. The narrative from OPEC and iea is "compliance is good and the market will rebalance by mid year. The big builds seen in these last two reports is due to unloading of floating storage and the tail end of the pre restriction production frenzy" OPEC has stated they want $60 oil - which means wti with a 57 handle. Big hedge funds are in step and apparently not even close to closing positions. Big money don't care. Oil is going up and they are going to do their damndest to make that happen.

I have been shorting via dwt whenever wti hits 54 or over. It's working ok but I haven't done better than 7% a week since Christmas.