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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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Sep WTI crude oil this morning is down -0.36 (-0.35%) and Sep gasoline is down -0.0061 (-0.21%). Aug crude and gasoline prices on Wednesday closed mixed: CLU4 +0.62 (+0.61%), RBU4 -0.0078 (-0.27%). Crude oil saw some support from the weekly EIA report, which showed a sharp -3.97 million bbl drop in U.S. crude oil inventories and a -1.45 million bbl drop in Cushing crude oil inventories. Meanwhile, gasoline was undercut by the EIA’s report of a sharp +3.38 million rise in gasoline inventories.