September Crude Oil closed down 1.05 at 49.12. This was 0.75 up from the low and 1.31 off the high.
September Heating Oil closed down 2.32 at 164.42. This was 2.32 up from the low and 3.23 off the high.
September RBOB Gasoline finished down 1.39 at 166.27, 2.19 off the high and 2.40 up from the low.
September Natural Gas finished up 0.02 at 2.82, 0.02 off the high and 0.05 up from the low.
While the energy complex was short-term overbought into the highs this morning, the reversal was surprising enough to prompt a flurry of panicked stop loss selling. Obviously prices over the last month were lifted as a result of a number of supply tightening developments but prices were also lifted by expectations of improving demand and the plus $50 per barrel price level appears to have fully factored in those assumptions. It is also possible that energy prices fell in sync with selling in a long list of physical commodities in a manner that suggests re-positioning from hard assets into paper assets.