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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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Jan WTI crude oil this morning is up +94 cents (+1.74%) and Jan gasoline is up +0.0239 (+1.56%). Jan crude and Jan gasoline prices Thursday closed lower. Closes: CLF5 -2.36 (-4.18%), RBF5 -0.0390 (-2.49%). Bearish factors included (1) the rally in the dollar index to a 1-week high, and (2) concern that the supply glut in global crude supplies will persist after Saudi Oil Minister Ali Al-Naimi said that Saudi Arabia and OPEC would find it “difficult, if not impossible” to give up market share by cutting crude production.