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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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Jan WTI crude oil this morning is up +$1.31 (+2.32%) a barrel and Jan gasoline is up +0.0406 (+2.59%). Jan crude and Jan gasoline prices Wednesday closed higher. Closes: CLF5 +0.54 (+0.97%), RBF5 +0.0252 (+1.64%). The main bullish factor was fund short covering after prices failed to take out Tuesday’s 5-1/2 year lows. Negative factors included (1) the +5.25 million bbl surge in weekly EIA gasoline inventories to a 9-month high of 222 million bbl, three times more than expectations of +1.75 million bbl, and (2) the +2.92 million bbl increase in crude supplies at Cushing, OK, the delivery point of WTI futures, to an 8-1/2 month high of 27.8 million bbl.