Trying to get to the bottom of this.
Oil just tanked.
Here’s the USO (ETF), which is a decent intraday proxy, falling nearly 3% in a flash.
There’s some chatter it’s a fat finger, and others wondering if there’s some kind of Strategic Oil Petroleum related news. UPDATE: Another source suggests Strategic Petroleum Chatter is a possible culprit.
UPDATE II: The White House is denying (via CNC) any movement on the SPR. Another thing being talked about is the selloff in TIPS, suggesting a general lowering of inflation bets.
More to come as we figure it out.
Photo: Yahoo Finance
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.