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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 crude oil this morning is up +30 cents (+0.87%) and Nov gasoline is down -0.0228 (-1.67%). Nov crude oil and gasoline Thursday posted 1-week highs but settled mixed: CLX5 -0.35 (-0.78%), RBX5 +0.0043 (+0.31%). Bullish factors included (1) a weaker dollar, (2) signs that Chinese manufacturing activity has stabilized after the Sep China manufacturing PMI unexpectedly rose. Bearish factors included (1) the bigger than expected decline in the Sep ISM manufacturing index to its lowest pace of expansion in 2-1/3 years, which signals slower energy demand, and (2) the ongoing supply glut with U.S. crude inventories nearly 100 million bbl above the 5-year seasonal average.