Gasoline fell after the Kyodo News service reported that the U.S. called for a release of strategic oil reserves amid rising U.S. crude supplies and concern the European debt crisis will reduce fuel demand.
Oil and RBOB prices plummet as the market is not convinced that the EU can keep Greece in the zone and stop the contagion from spreading, despite the meeting of the minds between Merkel and new French president Hollande.
Some analysts have described natural gas’ price collapse as “epic” in proportion. With prices currently the lowest they have been in more than 10 years, it’s staggering to think that some analysts say prices need to fall further.
Traditional energy fundamentals weren’t bullish in 2010, but central bank interventions and bailouts did what supply and demand couldn’t — support energy prices. Analysts, however, are calling for a return to stability in 2011