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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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May WTI crude oil this morning is down -15 cents (-0.27%) and May gasoline is down -0.0180 (-0.93%). May crude and gasoline on Monday closed higher with May gasoline at a 1-1/2 month high: CLK5 +0.64 (+1.15%), RBK5 +0.0051 (+0.26%). Bullish factors included (1) the action by the PBOC to cut banks' reserve requirements for the second time this year, which may boost China's economy and its demand for energy, and (2) the estimation from energy research firm Genscape that Wednesday's EIA data will show that crude supplies declined at Cushing, OK, the delivery point of WTI futures.