VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

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U.S. crude rose 3.3 percent last week, while Brent was up 1.7 percent, as unplanned supply outages rose to the highest since at least 2011 due to wildfires in Canada and losses in Nigeria, Libya and Venezuela. But global oil supply has still outstripped demand by around 1.5 million barrels per day, Russian Energy Minister Alexander Novak said on Friday.

http://www.fxempire.com/fundamental/fundamental-analysis-reports/oil-fundamental-forecast-may-24-2016-339919

Lifting of the evacuation order late Friday allows Suncor Energy Inc. SU, +0.58% and its Syncrude subsidiary to reopen two major oil-sands production complexes that have been shut down for over two weeks because of the threat from forest fires.

Prices were also retreating after oil-field services firm Baker Hughes Inc. reported the number of rigs drilling for oil in the U.S. was unchanged last week while number of oil rigs in the Permian Basin in West Texas rose. Analysts said that while U.S. crude production has slid in recent months, the uptrend in prices is likely to entice some U.S. shale producers who were marginalized earlier by the price collapse, to start new projects.

“Traders are also beginning to try to second guess any outcome from the June 2 Organization Petroleum Exporting Countries meeting where current expectations are very low for any change in policy or production,” said Stuart Ive, a client manager at OM Financial.

Media reports said Iran recently reiterated it has no plan to join any production freeze at the upcoming OPEC meeting.

http://www.marketwatch.com/story/oil-prices-start-week-lower-amid-signals-global-supply-glut-remains-2016-05-23

All but one of 27 analysts surveyed by Bloomberg said the Organization of Petroleum Exporting Countries won’t set an output target on June 2, as it sticks with Saudi Arabia’s strategy to squeeze out rivals including U.S. shale drillers by pumping near-record volumes.

http://www.bloomberg.com/news/articles/2016-05-22/opec-set-for-another-meeting-with-no-deal-after-doha-failure