3X Long Crude ETN Velocityshares (UWTI)
On March 7, WTI crude oil active futures were trading at a discount of $2.78 per barrel to Brent crude oil active futures.
US crude oil (USO) (USL) (OIIL) (DWTI) (UWTI) (SCO) futures contracts for November delivery rose ~9% between September 27 and October 4, 2016.
Energy & Utilities
From June 23—30, the United States Natural Gas ETF (UNG) outperformed the United States Oil ETF (USO). UNG rose ~6.8%, while USO fell ~3.4%.
From June 9–16, 2016, the United States Natural Gas ETF (UNG) outperformed the United States Oil ETF (USO). UNG fell ~1.0% and USO fell ~9.1%.
US commercial crude oil inventories fell by around 4.2 MMbbls for the week ending on May 20, 2016—compared to the previous week.
US commercial crude oil (USO) (UWTI) inventories fell by 3.4 MMbbls (million barrels) compared to the previous week for the week ending May 6, 2016.
US commercial crude oil inventories rose by 2.8 million barrels compared to the previous week.
In the past year, the correlation rose between natural gas and crude oil. During August 2015 and December 2015, the 30-day correlation rose significantly.
Company & Industry Overviews
The “lower-for-longer” trend in crude oil prices over the last two years has taken its toll on crude oil producers.
The IMF (International Monetary Fund) forecasts that crude oil prices (Intercontinental Exchange Brent, Dubai, and West Texas Intermediate crude oil prices) could average around $45.30 per barrel in 2020.
The latest fund flow data suggest that around $24 billion has gone into oil ETFs in the last 18 months.