Replies to post #20934 on VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[toomuchmoney]

been doing this pretty much every day

[Timothy Smith]

Product supplied, a proxy for demand and consumption, got a lift last year when consumer prices for gasoline and heating oil dropped in the wake of the Thanksgiving OPEC meeting.

Still, demand in the year-to-date is up just 3.0%. Given that prices were about 50% lower in 2015 v. 2014, this suggests a very low elasticity of demand, -.06.

Hopefully declines will do more of the rebalancing in 2016.