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Nymex crude oil is tumbling by about 5% today to less than $91 a barrel in frenzied trading as the market wonders what in the heck the International Energy Agency is doing with a mysterious, emergency press conference scheduled for right about now in Paris.
Oil Crushed as IEA Releases 60M in Reserves - MarketBeat - WSJ
As I write this, Nymex West Texas Intermediate Crude is below $90 per barrel. The amount of oil being released is miniscule compared to the amount of oil being consumed, so it's plain that the speculative emperors have no clothes as they all head to the exits at once.