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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
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Oct WTI crude oil this morning is down -64 cents (-0.66%) at a 7-1/4 month low and Oct gasoline is down -0.0086 (-0.33%). Oct crude and gasoline prices on Wednesday closed higher: CLV4 +0.59 (+0.64%), RBV4 +0.0154 (+0.60%). Bullish factors for crude prices included (1) the -4.474 million bbl decline in weekly EIA crude inventories, more than expectations of -1.15 million bbl, and (2) the unexpected +1.8 point increase in the weekly refinery utilization rate, more than expectations of a -0.4 decline. Gains were limited after the dollar index posted an 11-1/4 month high and after crude supplies at Cushing, OK, the delivery point of WTI futures, rose +1.75 million bbl.