Replies to post #370 on VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[Phatlander]

From your linked article: "The oversupply may take “months or years” to be absorbed, United Arab Emirates Energy Minister Suhail Al Mazrouei said."
We are just starting into this thing, not coming out of it. The reporter gave some facts, but his interpretation of events are here at the beginning. Of course these refineries pushed inventory out the door as fast as they could, to take advantage of higher prices before the market drops, as it surely will over the "months or years" the UAE Energy Minister spoke of.
Bearish on oil for the moment, but eventually this will turn.

PS: 11:11 has two interpretations.