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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 -0.04 (-0.04%) and Sep gasoline is up +0.0041 (+0.15%). Aug crude and gasoline prices on Thursday closed lower: CLU4 -1.05 (-1.02%), RBU4 -0.0258 (-0.91%). Bearish factors included (1) carry-over weakness from Wed’s EIA report that showed a sharp +3.38 million rise in gasoline inventories, and (2) ongoing worries about world crude oil supplies as Libya starts to export crude oil again after a government agreement with rebels.