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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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Sep crude oil this morning is up +0.45 (+0.92%) and Sep gasoline is up +0.0357 (+2.03%) on carry-over support from yesterday's EIA report that featured a -4.2 million bbl drop in U.S. crude oil inventories and a -1.5% drop in U.S. oil production. Wednesday's closes: CLU5 +0.81 (+1.69%), RBU5 +0.0066 (+0.38%). Sep crude oil and gasoline on Wednesday closed higher on the rally in Chinese stocks and EIA's report of a -4.2 million bbl decline in U.S. crude oil inventories versus expectations for a +850,000 bbl build. Crude oil prices were also boosted by the EIA report's -1.5% drop in U.S. oil production in the week ended July 24 to 9.413 million bpd, which is down by -2.0% the 43-year high of 9.610 million bpd posted in the first week of June.