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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 down -$4.75 a barrel (-6.45%) at a 4-1/2 year low and Jan gasoline is down -0.1266 (-6.29%) at a 4-year low. Jan crude and Dec gasoline on Wednesday posted 1-week lows and closed lower. Closes: CLF5 -0.40 (-0.54%), RBF5 -0.0114 (-0.57%). Negative factors included (1) speculation that OPEC will refrain from cutting output at Thursday’s meeting after Saudi Arabian Oil Minister Ali Al-Naimi said the “market will stabilize itself,” (2) the +1.95 million bbl increase in weekly EIA crude supplies, more than expectations of +250,000 bbl, and (3) the +1.33 million bbl increase in crude supplies at Cushing, OK, the delivery point of WTI futures, to a 6-3/4 month high.