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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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Nov crude oil this morning is up +9 cents (+0.19%) and Nov gasoline is down -0.0059 (-0.42%). Wednesday's closes: CLX5 -0.72 (-1.48%), RBX5 -0.0327 (-2.28%). Nov crude oil and gasoline prices closed lower on Wednesday with Nov crude retreating from a 2-1/2 month nearest futures high. The weekly EIA report was bearish due to the +3.07 million bbl increase in weekly EIA crude inventories (vs expectations of +2.25 million bbl), the +98,000 bbl increase in crude supplies at Cushing, the first increase in 6 weeks, and the +0.8% increase in U.S. crude production to 9.172 million bpd in the week ended Oct 2.