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Jim Prince, 25-year commodity market veteran, just posted a 3+ minute video about a recent move in the commodity markets. Watch it now, and he'll send you a free companion PDF and an email reminder every time he posts a new Daily Alert video.
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Apr WTI crude oil this morning is up +52 cents (+1.01%) at a 1-1/2 week high and Apr gasoline is down -0.0046 (-0.24%). Apr crude and Apr gasoline prices on Wednesday settled mixed: CLJ5 +1.01 (+2.00%), RBJ5 -0.0274 (-1.41%). Bearish factors included (1) a rally in the dollar index to an 11-1/3 year high, (2) the +10.3 million bbl increase in weekly EIA crude inventories to 444.4 million bbl, far higher than expectations of +4.0 million bbl, and (3) the +0.4% increase in U.S. crude production in the week ended Feb 27 to 9.324 million bpd, the most in over three decades. Crude oil recovered its losses and moved higher after the Fed Beige Book said the U.S. economy continued to expand from Jan through mid Feb.