VelocityShares 3x Long Crude Oil ETN

On February 14, WTI crude oil (USO) (USL) (OIIL) (SCO) active futures traded at a discount of $2.84 per barrel compared to Brent crude oil active futures.

June WTI crude oil futures showed the neutral doji pattern on May 9. Oil prices are swinging due to the frequent change in supply and demand dynamics.

According to the U.S. Energy Information Administration’s report on June 29, 2016, US crude oil inventories fell by 4.1 MMbbls in the week ended June 24, 2016.

In 2Q17, Marathon Oil’s (MRO) production mix from continuing operations was ~47.0% crude oil and condensate, ~15.0% natural gas liquids, and ~38.0% natural gas.

According to the EIA’s (US Energy Information Administration) report on January 18, 2017, US crude oil inventories rose ~2.35 MMbbls (million barrels) for the week ended January 13, 2017.

According to the EIA’s (U.S. Energy Information Administration) report on September 14, 2016, US crude oil inventories fell 0.6 MMbbls (million barrels) for the week ending September 9.

According to the EIA’s report on September 8, 2016, US crude oil inventories fell by 14.5 MMbbls for the week ended on September 2, 2016.

According to the July 20, 2016, U.S. Energy Information Administration report, US crude oil inventories declined by 2.3 MMbbls for the week ended July 15, 2016.

The consensus of slowing US crude oil production will continue to narrow the supply and demand gap as long as demand stays steady.

October WTI crude oil futures rose for the first time after falling for two consecutive days. Slowing US crude oil production is driving crude oil prices.