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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 up +$1.82 a barrel (+3.70%) and May gasoline is up +0.0324 (+1.77%), both at 2-1/2 week highs. Wednesday's closes: CLK5 +1.70 (+3.58), RBK5 +0.0302 (+1.68%). May crude and gasoline posted 1-1/2 week highs and closed higher. A weaker dollar boosted energy prices despite bearish factors that included (1) the +8.17 million bbl increase in weekly EIA crude inventories to 466.7 million bbl, more than expectations of +4.75 million bbl and the most since weekly EIA data began in 1982, and (2) the +1.9 million bbl increase in crude supplies at Cushing, OK, delivery point of WTI futures, to a record 56.3 million bbl (data since 2004).