Whoa!

Oil just totally crashed. One possible culprit is this Reuters story, showing that OPEC production is surging.

There are a host of other factors that might be driving down oil as well.

Dave Lutz of JonesTrading said these are some of the things being discussed in relation to the move:

Libya Output jumps to highest since 2013



OPEC September Output higher, and revised higher



Hong Kong sparking concerns greater Asia slowdown



Russia headlines sparking more EU slowdown concerns



PMIs from China, Japan and EU tonight should all come in very weak.



chatter that PEMEX is hedging for lower Oil



Technical – Brent has taken out September Lows….. WTI eyeballing a “outside” reversal day



Of course, could just be a massive commodity markdown into Q End. Crude, Silver, Gold, Wheat, Soy all off 1%+

Indeed it has been pretty ugly across the commodity complex Tuesday. Silver is getting smoked, too. It's down 3%.

Natural gas, soybeans, palladium ... you name it, it's all going down.

Of course, the flipside to all this is that the dollar is on a tear, surging to multiyear highs.