I strongly suggest you all watch the last 20 minutes or so of CNBC's "mad money" from friday, to see where a professional commodities trader and oil forteller states oil is headed. The gentleman has not been wrong since 1980.
Nutshell version, we are going to continue the downtrend into the mid $20 area prior to any type of sustainable bounce.
Everybody here needs to keep one thing in mind. OPEC wants to be the dominant player in the space and does not want to lose market share, therefore it is not going to cut production.
Let's just say for a moment that OPEC does cut production for a short period of time. All this would do would be to allow US producers to come back online and they will be pumping oil furiousl and prices will simply go back up to where they were just weeks and months prior when OPEC was over producing.
The bottom line is that you have emerging markets doing terribly right now, and China is the second largest consumer of crude oil. Their economy is in the crapper so crude oil prices will remain lower for longer.
UWTI is a TRADING vehicle to take advantages of the minor ups and downs on the underlying commodity, but as long as the crude oil chart starts at the upper left and continues down to the lower right, there's no reason to take a position here for more than just a day or so
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