Futures plunge on dollar, data and demand

LADIES AND GENTLEMAN, PLEAS KEEP YOUR HANDS AND FEET INSIDE THE ROLLER COASTER AT ALL TIMES!  What else can you say about the last several sessions that has seen 25 cent drops, 30 cent rises and another 25 cent drop.  Overnight saw big drops on gas as what appeared to be an overbought speculative position put on Monday and Tuesday get sawed off as fears resurfaced that the European Union might not be willing just yet to jump in and help Greece. The subsequent reaction was a large jump in the Dollar, pushing commodities to the floor.  So much for those tight supplies due to flooding?  Bearish inventory data pushed the NYMEX down even further as Crude gained 3.8mbl, distillates fell by 800k and gasolines rose 1.3mbl as most were expecting moderate draws.  For the first time since Rita and Katrina days, the Trade was halted as RBOB losses pushed over 25 cents.  At the close, Crude tumbled $5.67 to $98.21, HEAT lost .1029 to $2.8983 and RBOB  lost and astounding .2569 to $3.1228.   At the end of the day, most were looking at demand figures that showed drops across all products, furthering the notion that Americans are either unwilling or unable to support retail fuel over $4 per gallon.   

RBOB CLOSE

CLOSE       CHANGE     JUN    31228       -.2569 JUL    30417       -.2121 AUG    29778        -.1800 SEP    29331       -.1567 OCT     27755       -.1373 NOV    27405      -.1330