Replies to post #33845 on VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[lambchops]

Very nice read. Thank you for posting it. I don't think we have confirmation of a bottom on UWTI yet.

UWTI

[mendocino]

The interesting x-factor in this play is whether the 30+ millions of barrels in floating storage are coming on shore:
http://www.zerohedge.com/news/2016-03-23/why-oil-prices-are-about-plunge-again-31-million-barrels-floating-storage-are-coming

The narrowing WTI contango could result in that a lot of this oil will be unloaded. That would clearly have negative impact on the oil price. I expect this to play out over the next few months, before the summer driving season.