Energy and Commodity prices are taking it on the chin, and there are several reasons for this decline. Not withstanding the commentary on TV, we can point to a few other reasons for the decline;

1) Whatever goes up dramatically in a bull market, normally corrects, and sometimes corrects very sharply. After a normal correction, prices consolidate then gradually move higher.

2) Hedge funds that were over exposed to energy and commodities are unwinding their positions to avoid a Amaranth type situation.

3) Interest rates are falling. Normally interest rates fall when the economy is in trouble. Lower interest rates are used to bail out a faltering economy, but everyone is telling you the economy is fine. So, if the economy is fine, why are interest rates falling. If the economy is not fine, then why are stocks rallying?

4) No hurricanes in the Gulf, and a few "Magical" moves just before the election in November.