VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[Smittle]

Oil extends gains after EIA data show U.S. crude supplies down 6.2 million barrels

By Myra P. Saefong

Published: Sept 21, 2016 10:35 a.m. ET

Oil futures extended their earlier gains Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies fell by 6.2 million barrels in the week ended Sept. 16. A 2.8 million-barrel climb was expected by analysts polled by S&P Global Platts, while the American Petroleum Institute late Tuesday reported a larger drop of 7.5 million barrels, according to sources. The EIA has now reported unexpected supply declines for three weeks in a row. Gasoline supplies also fell by 3.2 million barrels, while distillate stockpiles rose by 2.2 million barrels, according to the EIA. November crude CLX6, +1.95% climbed $1.01, or 2.3%, from Tuesday's settlement to $45.06 a barrel on the New York Mercantile Exchange. Prices traded at $44.90 before the data.

http://www.marketwatch.com/story/oil-extends-gains-after-eia-data-show-us-crude-supplies-down-62-million-barrels-2016-09-21