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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 crude oil this morning is down -0.25 (-0.52%) and Sep gasoline is down -0.0085 (-0.49%) on expectations for today's weekly EIA report to show a +850,000 bbl increase in U.S. crude oil inventories. CLU5 +0.59 (+1.24%), RBU5 -0.0182 (-1.03%). Sep crude oil and gasoline on Tuesday closed mixed. Crude oil closed mildly higher on some short-covering and the stabilization of global stocks. However, sentiment remains bearish as the market expects Wednesday’s EIA report to show a +850,000 bbl increase in crude oil inventories and the market expects the global oil glut to worsen later this year when Iranian sanctions are dropped.