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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 -74 cents (-0.74%) at a 2-week low and Sep gasoline is down -0.0194 (-0.69%) at a 3-1/2 month low. Sep crude and gasoline prices on Wednesday closed lower with Sep crude at a 2-week low and Sep gasoline at a 2-1/2 month low: CLU4 -1.29 (-1.28%), RBU4 -0.0419 (-1.47%). Bearish factors included (1) the rally in the dollar index to a 10-1/2 month high, and (2) the +789,000 bbl increase in EIA distillate inventories to a 10-month high of 126.7 million bbl. Crude prices failed to rally on the -3.697 million bbl drop in weekly EIA inventories, three times more than expectations of a -1.25 million bbl draw.