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RBS Oil Trendpilot ETN (TWTI)

- NYSEARCA
TWTI is defunct since July 7, 2015. Lack of investor interest
  • Wed, Jul. 8, 11:49 AM
    • The massive selling in Chinese stocks is stoking fears that the government may be losing control of its managed economy, a prospect that is leading the recent pressure on crude oil prices, IHS's Dan Yergin tells CNBC.
    • Stressing the importance of China as a consumer of crude, Yergin notes that half the world's growth in oil demand during 2003-13 came from China; the country's policy now targets medium-to-high growth rather than the high growth of recent years, but "if it's medium or low-to-medium growth, that's a big hit for the oil market."
    • The other factors pressuring oil are the Iran nuclear talks and the Greece debt crisis, referring to Iran's "super-skilled negotiators" and the "very unskilled" Greek negotiators.
    • Nymex crude is off 2% to below $57/bbl, reversing earlier gains as data showed an unexpected build in crude oil and product stocks.
    • The report is "negative all around," says BNP Paribas' Gareth Lewis-Davis. "It's part of the downward trend that's been going on for two weeks."
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
    | 18 Comments
  • Tue, Jul. 7, 10:29 AM
    | 25 Comments
  • Tue, Jul. 7, 4:34 AM
    • Crude oil prices steadied this morning after posting one of their biggest sell-offs this year in the previous session due to bearish factors including Greece, China's uncertain economy and a new flood of Iranian oil.
    • Monday's fall took the U.S. crude market down by 7.7%, or $4.40, to close at $52.53, almost rivaling the price decline in the aftermath of OPEC’s decision to not intervene in oil markets last year.
    • Crude futures +0.4% to $52.73/bbl.
    • Previously: U.S. crude sinks 7.7% to $52.53 in worst day since April (Jul. 06 2015)
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
    | 56 Comments
  • Mon, Jul. 6, 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
    | 93 Comments
  • Mon, Jul. 6, 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
    | 16 Comments
  • Mon, Jul. 6, 2:24 AM
    • Key elements of a nuclear accord between Iran and six world powers fell further into place on Sunday, but U.S. Secretary of State John Kerry warned there were more sticking points that may scuttle the deal.
    • "We are not yet where we need to be on several of the most difficult issues," said Kerry, stating he would walk away from negotiations if the problems were not resolved by Tuesday.
    • Should sanctions be lifted, Iran would double its oil exports to 2.3M barrels a day, multiplying tensions in the world's sensitive oil markets.
    • Crude futures -3.8% to 54.75/bbl (on the news and pressure from Greece)
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
    | 21 Comments
  • Fri, Jul. 3, 4:37 AM
    • U.S. oil futures finished the holiday-shortened week with a loss of 4.5% following weekly reports showing an unexpected rise in crude supplies and 2015's first weekly gain in the number of active oil rigs.
    • "This week's data further support the thesis that a bearish fundamental trend has emerged, at least for the near term, which will continue to pressure WTI prices, with the next level of notable support down in the low $50’s," said the EIA's Tyler Richey.
    • Baker Hughes on Thursday reported that the number of active oil drilling rigs saw a weekly climb of 12 to 640 as of July 2.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
    | 18 Comments
  • Thu, Jul. 2, 5:57 PM
    • Senior executives from Glencore (OTCPK:GLNCY, OTCPK:GLCNF) have met Iranian officials in Tehran ahead of a possible deal on its nuclear program, in the first sign commodity trading houses are positioning to help the country return to the international oil market, Financial Times reports.
    • Glencore’s visit follows discussions between European oil majors Shell and Eni and Iranian officials over long-term investments in the country’s oil and gas industry, but big oil traders may have a more immediate role to play.
    • Iran is “not going to sit on the sidelines” waiting for the results of talks in Vienna and it preparing to move the moment sanctions are lifted, and it will "explore all the strategies that are available to it to help it regain its share of the oil market and find new buyers for its crude," says IHS Energy's Jamie Webster.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
    | 4 Comments
  • Thu, Jul. 2, 2:12 PM
    • The U.S. oil rig count rose by 12 to 640 in the past week, according to the latest survey from Baker Hughes, breaking 29 consecutive weeks of decline.
    • While it is the first increase since last December, there are still ~60% fewer rigs working since a peak of 1,609 in October 2014.
    • The pace of declines has slowed considerably recently and the new increase reinforces the view that some producers may have cut costs and increased efficiency enough to feel they can start expanding operations and turn profits.
    • U.S. gas rigs fell by nine to 219 this week, with the overall count up three units during the week to 862.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
    | 30 Comments
  • Mon, Jun. 29, 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
    | 14 Comments
  • Fri, Jun. 26, 2:01 PM
    • The number of rigs drilling for oil in the U.S. fell for a 29th consecutive week, but the total number of operating rigs, including gas, increased for the first time this year, according to Baker Hughes' latest weekly survey.
    • Rigs drilling for natural gas rose by 5 for the week, exceeding the loss of 3 oil rigs; the total U.S. rig count is now at 859 rigs, while oil rigs fell to 628 rigs from the peak of 1,609 in October.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
    | 16 Comments
  • Thu, Jun. 25, 11:58 AM
    • Iran likely will struggle to restore lost crude production if it secures a deal to ease sanctions because the condition of its oilfields will have deteriorated and more investment will be needed, according to Wood Mackenzie.
    • Iran would be able to increase crude output by 120K bbl/day by year-end if it reaches an agreement on its nuclear program, with a further daily increase of 260K by the end of 2016 and 220K barrels the following year.
    • With sufficient investment by international oil companies, Iran could raise production to 4.4M bbl/day by 2025, according to the report.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
    | 10 Comments
  • Thu, Jun. 25, 11:40 AM
    • Included in the 13 closings are a number of commodity ETNs launched with a bit of fanfare due to their being overseen by Jim Rogers - RGRP, RGRI, RGRC, RGRA, RGRE.
    • The most successful of the group of 13 is the RBS U.S. Large Cap Trendpilot ETN (NYSEARCA:TRND), with $488M in AUM. Total AUM for all 13 is about $826M.
    • The rest of those being closed: DRGS, ALTL, TCHI, TBAR, TNDQ, TWTI, TRNM.
    • New creations have been immediately halted and redemptions will take place on or about July 7, with the last day of trade July 6.
    • Source: ETF.com
    • Related: RBS ETNs: When A Good Idea Alone Is Not Enough (June 23)
    | 1 Comment
  • Fri, Jun. 19, 6:35 PM
    • The global oil glut is about to get worse, Citigroup and Goldman Sachs say, as Saudi Arabia pushes to produce as much oil as it possibly can.
    • The world’s largest oil exporter already has increased output to a 30-year high of 10.3M bbl/day as it tries to check growth from the U.S. and elsewhere, and it is ready to add even more to protect its market share and having abandoned the role of swing supplier, according to Citi and Goldman.
    • Citi predicts the Saudis will push toward its maximum daily capacity, which the firm estimates at ~11M barrels, in H2 2015.
    • "The clear implication of Saudi Arabia’s new oil policy of pressuring high-cost producers is for them to increase production and exports,” writes Seth Kleinman, Citi's head of energy strategy. “With an increasingly compelling picture of lower oil prices over the next 10-20 years, it makes sense for Saudi to use it all and use it now.”
    • The lower outlook for prices “turns oil in the ground in Saudi from an appreciating resource into a depreciating resource," Kleinman adds. “If it’s depreciating, you produce it all as fast as you can.”
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
    | 80 Comments
  • Fri, Jun. 19, 2:09 PM
    • The number of rigs exploring for oil in the U.S. fell by 4 last week to 631, according to the latest survey from Baker Hughes, marking the 28th straight week of declines.
    • The number of active oil rigs has plunged by 878 rigs, or 61%, since a peak of 1,609 rigs last October.
    • For all rigs, including natural gas, the week's drop totaled 2 to 857, down by 1,001 from the year-ago period.
    • ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DBO, DWTI, DTO, USL, DNO, OLO, SZO, TWTI, OLEM
    | 18 Comments
  • Fri, Jun. 12, 2:15 PM
    | 37 Comments
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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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