RBS Oil Trendpilot ETN (TWTI) - NYSEARCA
TWTI is defunct since July 7, 2015. Lack of investor interest
  • Jul. 7, 2015, 10:29 AM
    | Jul. 7, 2015, 10:29 AM | 25 Comments
  • Jul. 6, 2015, 3:15 PM
    • WTI crude oil settled at a three-month low $52.53/bbl, -7.7%, on a confluence of worries about the Greece debt drama, China’s stock markets and a new flood of Iranian oil; Brent crude fell to $56.50, -6.3%, to snap its 100-day MA.
    • WTI has dropped 10% over three straight sessions and Brent more than 7% lower in two consecutive days, breaking out of the narrow trading band of the past three months and risking a deeper slide ahead.
    • The energy sector (XLE -1.3%) is easily the worst performing equity group today: CLR -7.4%, NOG -7.8%, OAS -8.5%, DNR -6.7%, WLL -6%.
    • Oil supermajors also are sharply lower: XOM -1%, COP -2.8%, CVX -1.1%, BP -3.3%, TOT -3%.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
    | Jul. 6, 2015, 3:15 PM | 93 Comments
  • Jul. 6, 2015, 9:13 AM
    • Nymex crude oil futures for August delivery tumble $2.40 (-4.2%) to $54.46/bbl, while ICE Brent crude slides $1.31 (-2.5%) to $58.81/bbl, after Greece overwhelmingly voted against creditors’ conditions for further bailout aid, adding to uncertainty around the country’s eurozone membership.
    • "All three possible Greek-related factors - higher risk aversion, a stronger dollar, and a slowdown in the European economy - would be bearish for oil prices,” says Michael Wittner, head of oil research at Société Générale.
    • Oil prices also are being pressured by the Iranian nuclear talks expected to conclude this week, which could see heightened Iranian crude exports soon if sanctions are lifted, and Friday's sharp fall in oil prices following the U.S.’s unexpectedly high oil inventory figures and bearish drilling rig count last week.
    • The three-week selloff in China’s stock market also has rattled confidence in commodities markets; copper, often watched as a barometer for the broader global economy, -3.6% at $2.539/lb.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, JJC, DTO, USL, DNO, OLO, SZO, CPER, TWTI, OLEM, CUPM
    | Jul. 6, 2015, 9:13 AM | 16 Comments
  • Jun. 29, 2015, 2:47 PM
    • WTI crude oil is lower by 2.25% to $58.30 per barrel, roughly matching its lowest price since May.
    • The move comes amid the panicky action in Europe, where the Stoxx 50 shed 4.25% after Greece closed its banks and stock market, and imposed capital controls. The U.S. averages are currently at session lows, all off in the area of 2%. USO -2.25%
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM
    | Jun. 29, 2015, 2:47 PM | 14 Comments
  • Jun. 9, 2015, 2:28 PM
    • So much for the decline in the rig count. According to the EIA, U.S. crude oil production hit about 9.6M barrels per day in May, its highest monthly level in 43 years. In May 2014, production was 8.4M barrels per day - at the time a 26-year high.
    • The all-time high of about 10M barrels per day was in the early 1970s.
    • As for the full year, the EIA boosts its estimate of average monthly production to 9.43M barrels per day from 9.19M. In 2016, the EIA sees production of 9.27M bpd vs. a previous estimate of 9.21M.
    • Oil is sharply lower on the news ... strike that ... black gold continues to move higher on the session, now up 3.6% to $60.26 per barrel.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM
    | Jun. 9, 2015, 2:28 PM | 29 Comments
  • Jun. 5, 2015, 7:59 AM
    • As (apparently) expected, OPEC says it's leaving production unchanged at 30M barrels per day - deciding to take no action despite a glut of crude and weak prices.
    • While the decision to leave production unchanged is generally considered a green light for members to keep pumping as much oil as they'd like, crude is taking off to the upside amid the post-meeting press conference. WTI is higher by about $1 per barrel since the decision, now selling for $58.50.
    • Live blog at the WSJ
    • USO +0.15% premarket
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM
    | Jun. 5, 2015, 7:59 AM | 18 Comments
  • May 29, 2015, 2:48 PM
    • WTI crude oil more than erases a week's worth of losses in the space of a few hours, closing the session up $2.61 per barrel, or 4.5% to $60.29.
    • As recently as yesterday afternoon, black gold was as low as $56.50 per barrel, and earlier today was still under $58.
    • Earlier this week, Ned Davis Research urged caution on oil itself and energy stocks, noting the exit of nearly $500M from the U.S. Oil Fund (USO +3.7%) this month, and $300M from the Energy Select SPDR (XLE -0.1%). At the same time, money has been flowing into bullish dollar ETFs.
    • "Investor flows are no longer supportive for energy ETFs. Valuations are not as compelling at this point either. … Seasonality is about to turn ugly for the energy sector. June is historically the worst month for XLE. And finally, while longer-term, the sector remains oversold, shorter-term trend evidence suggests caution for now," says NDR's Tony Welch.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, BNO, DBO, DWTI, ERY, DIG, DTO, UGA, DUG, BGR, USL, IYE, DNO, FENY, PXJ, FIF, UHN, OLO, SZO, RYE, FXN, TWTI, OLEM, DDG
    | May 29, 2015, 2:48 PM | 27 Comments
  • May 15, 2015, 10:08 AM
    • WTI crude oil has fallen more than $1 per barrel in the last hour or so, now lower by 2.1% on the session to $58.63 per barrel. Black gold had been as high as $62 earlier this week - its high for the year.
    • Earlier, industrial production was reported to have fallen in April amid sharp cuts in the oil patch, but that's old news, and a number of shops from Goldman to Blackstone are expecting crude to renew its downtrend.
    • USO -1.6%
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM
    | May 15, 2015, 10:08 AM | 18 Comments
  • Apr. 29, 2015, 2:19 PM
    | Apr. 29, 2015, 2:19 PM | 41 Comments
  • Apr. 28, 2015, 10:47 AM
    • Iran has fired on a U.S. cargo ship and directed it to Bandar Abbas port on the southern coast of the country, reports Al Arabiya News. The ship is believed to have as many as 34 U.S. sailors aboard.
    • Trading at about $56 per barrel not long ago, WTI crude oil is now up to $57.44.
    • USO +0.7%
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM
    | Apr. 28, 2015, 10:47 AM | 3 Comments
  • Apr. 14, 2015, 1:00 PM
    • Outflows from four of the largest oil ETFs, including the biggest USO, hit $338M in the two weeks ended on April 8, according to Lipper. It's the first two-week outflow since September, and a big turnaround from early this year when bottom-fishers poured into the funds.
    • The exit comes as WTI crude oil has rebounded about $10 per barrel over the past month, with much of that bounce occurring during the last two weeks.
    • "[ETFs] have become a problem," says one oil economist, as the vehicles have allowed speculators to maybe dash the Middle East's hope of prices falling enough to dent non-OPEC output.
    • Oil is up by another 3.2% today, touching its highest price of the year.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, UGA, USL, DNO, UHN, OLO, SZO, TWTI, OLEM
    | Apr. 14, 2015, 1:00 PM | 22 Comments
  • Apr. 9, 2015, 5:10 AM
    • Crude oil is +1.9% at $51.39 after plunging 6.6% yesterday following news of historically high stockpiles in the U.S. and increased production in Saudi Arabia.
    • "While we expect U.S. oil supply to tighten later in 2015, the supply response will be milder and shorter-lived than previously thought," says ANZ Bank says.
    • Nomura analyst Alastair Newton says Saudi Arabia's determination to protect its market share "shows no sign of easing despite the fiscal consequences."
    • ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, UWTI, USL, DWTI, DNO, SZO, OLO, TWTI, OLEM
    | Apr. 9, 2015, 5:10 AM | 18 Comments
  • Apr. 7, 2015, 12:30 PM
    • After spending the overnight session and the early half of the day in the red following yesterday's surge upward, WTI crude oil has tuned sharply higher again in the last few minutes, now ahead 2.45% or $1.27 per barrel to $53.44 - the highest price in a month.
    • Black gold is up more than $6 per barrel since the last week's Iranian deal which theoretically should lead to lifted sanctions and a lot more oil on the market. Go figure.
    • Traders may be getting another tasty selling opportunity, says Goldman, arguing the declining U.S. rig count won't be enough to balance the market next year, and thus expecting prices to stay lower for longer.
    • Coming up after the close is the latest API inventory data, with the EIA releasing its estimate tomorrow morning.
    • USO +3.15%
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, UWTI, USL, DWTI, UHN, DNO, SZO, OLO, TWTI, OLEM
    | Apr. 7, 2015, 12:30 PM | 20 Comments
  • Mar. 27, 2015, 3:06 PM
    • Pick your excuse: A slowing in the decline of the U.S. drilling rig count, the crisis in Yemen not having a whole lot of impact, or the chance of a weekend U.S./Iran nuclear deal which would include the lifting of oil sanctions.
    • WTI crude oil (NYSEARCA:USO) is lower by 5.4% to $48.64 per barrel, erasing most of a gain this week which had it above $52 not much more than 24 hours ago.
    • ETFs: USO, OIL, UCO, SCO, BNO, UGA, DTO, DBO, UWTI, USL, DWTI, UHN, DNO, SZO, OLO, TWTI, OLEM
    | Mar. 27, 2015, 3:06 PM | 37 Comments
  • Mar. 25, 2015, 2:42 PM
    | Mar. 25, 2015, 2:42 PM | 33 Comments
  • Mar. 20, 2015, 9:29 AM
    | Mar. 20, 2015, 9:29 AM | 64 Comments
TWTI Description
"The RBS Oil Trendpilot™ Exchange Traded Notes (RBS ETNs) are unsecured and senior obligations of The Royal Bank of Scotland plc (RBS plc), and are fully and unconditionally guaranteed by The Royal Bank of Scotland Group plc (RBS Group). Any payments on the RBS ETNs when they become due at maturity or upon early repurchase or redemption are dependent on the ability of RBS plc and RBS Group to pay, and are also subject to market risk. The return on the RBS ETNs will be based on the performance of the RBS Oil Trendpilot™ Index (USD) (the “Index”), which utilizes a systematic trend-following strategy to provide exposure to either the RBS 12-Month Oil Total Return Index (USD) (the “Benchmark Index”, described below) or the yield on a hypothetical notional investment in 3-month U.S. Treasury bills as of the most recent weekly auction (the “Cash Rate”), depending on the relative performance of the Benchmark Index on a simple historical moving average basis."
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