Replies to post #35413 on VelocityShares Credit Suisse 3X Long Crude ETN (UWTIF)

[kamakiri]

Kuwait Oil Company(KOC)...cut crude output to 1.1 mbpd from its normal production level of about 3 mbpd.

...members had refused to negotiate ahead of the stoppage.

Wow.1.9mbpd right there.

http://af.reuters.com/article/energyOilNews/idAFL5N17K0GX

[longymickshort]

Shorts have more reasons to fear headline risk. Can it get much worse?
Only worse for the dollar and back to business as usual... more unprofitable rigs and more financial trouble for US producers. That is the balance the Saudis prefer. After this blows over ill be in here for a major buying opportunity. The takeaway from this weekends meeting looks to be - 2M barrels a day courtesy of Kuwait .
How long will that last? Not long probably but high volatility in the oil patch continues......