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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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Dec WTI crude oil this morning is down -85 cents (-1.03%) and Dec gasoline is down -0.0148 (-0.68%). Dec crude and Dec gasoline on Wednesday closed higher with Dec gasoline at a 2-week high. Closes: CLZ4 +0.78 (+0.96%), RBZ4 +0.0258 (+1.20%). Bullish factors included (1) the +2.06 million bbl increase in weekly EIA crude supplies, less than expectations of +3.8 million bbl, and (2) the -1.24 million bbl decline in weekly EIA gasoline inventories to a 23-month low of 203.14 million bbl, nearly double expectations of a -650,000 bbl draw.