A major story yesterday was the decline in energy prices and, of course, XLE (Energy Sector ETF). Initially crude oil prices rallied on a surprising report that Mexican oil production would decline significantly in two years. This spoils hopes for less reliance on oil from the Middle East. (It also points out the folly of government controlled oil industries and exploration. You following this El Jefe Chavez?)
Then later in the day came news that natural gas supplies were much higher than anticipated and the energy sector fell apart.