Prices at the pump have inched higher, while crude moves lower. Eric Zuccarelli, trader on the NYMEX trading floor, tells TheStreet’s Jill Malandrino production fundamentals and a supply glut still exist, but gasoline prices are moving lower due a strike with the United Auto Workers and a fire in a refinery in California, which put a bid in the products. That said, crude builds have been significant over the past few weeks and it is now in contango, adding to the supply glut. Copper moved higher, mostly a short covering rally following the Chinese New Year, but has since then retraced. Gold remains in a range and commodities across the board will continue to see volatility, Zuccarelli says.
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