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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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Nov WTI crude oil this morning is up +$1.45 a barrel (+1.75%) and Nov gasoline is up +0.0241 (+1.09%). Nov crude rebounded from a 2-1/3 year low and Nov gasoline recovered from a 3-3/4 year low and closed higher. Closes: CLX4 +0.92 (+1.12%), RBXX4 +0.0660 (+3.07%). Bullish factors included (1) the -3.99 million bbl drop in weekly EIA gasoline supplies to 205.67 million bbl, a 1-3/4 year low, and (2) short-covering after crude prices fell more than $15 a barrel (-16%) over the past 2 weeks. Bearish factors included (1) the +8.92 million bbl increase in weekly EIA crude inventories, more than expectations of +2.5 million bbl, and (2) the +0.9% increase in U.S. crude production in the week ended Oct 10 to 8.95 million bpd, a new 29-1/4 yr high.