iPath S&P GSCI Crude Oil Total Return Index ETN OILNF

Supply-Demand

[Miner1967]

1) Canada's wildfire should take 40mm bbl. out of supply.

2) The US's increase in demand and decrease in supply should add up
to a minimum of a 1mm bbl. p/d swing from the summer of 2015.

3) From June through August or over a 14 week period this would act as a 98mm
bbl. draw on inventory.

4) Just from NA over a 14 week period inventory from these two sources should
draw inventory by 150mm bbl.

5) WW demand is growing as supply drops. According to Charles Chessie we will see
some small adds from the GOM and it will then be back into decline.

6) A cold or even a normal winter will add to demand.

7) WW CAPEX cuts are just beginning to show up in declines. These declines
are accelerating and until CAPEX is increased and overtime we will be seeing
draws on inventories.

8) We are dependent upon any growth in supply from Iraq, Iran and SA. These
supplies are doubtful as to there magnitude and sustainability.