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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 planning 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 crude oil this morning is down -93 cents (-2.16%) and Jan gasoline is down -0.0186 (-1.37%). Wednesday's closes: CLF6 +0.33 (+0.77%), RBF6 -0.0042 (-0.31%). Jan crude oil and gasoline prices on Wednesday settled mixed. Crude oil and gasoline prices were undercut by the +1.74 million bbl increase in crude supplies to a 5-1/2 month high at Cushing, OK, delivery point of WTI futures and by the +2.48 million bbl increase in EIA gasoline stockpiles (vs expectations of +950,000 bbl). Crude prices recovered from early losses and closed higher after the dollar index fell back from an 8-1/4 month high and closed unchanged.