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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 up +42 cents (+0.44%) at a 2-week high and Oct gasoline is up +0.0071 (+0.27%). Oct crude and gasoline prices on Thursday closed higher with Oct crude at a 1-week high: CLV4 +0.67 (+0.71%), RBV4 +0.0003 (+0.01%). The main bullish factor for crude was the unexpected upward revision to U.S. Q2 GDP, which signals increased fuel demand and consumption. Gains were limited on bearish factors that included (1) a stronger dollar, and (2) the lack of disruption to gasoline output at the 405,000 bpd BP refinery in Whiting, Indiana because of a fire there Wednesday night.