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Late Session Whipsaw for Commodities

It was a story from the U.K. Guardian newspaper towards the end of the trading session that sent stocks on a tear with commodity prices tagging along for the ride.

Reports that France and Germany had agreed to boost the Euro rescue fund to the tune of 2 trillion Euros, a substantial increase, gave rise to an even more substantial increase in Nymex crude and brent crude futures, along with equities. Metals have also come off of their lows. Nymex crude futures rose above $89 a barrel, or nearly 3 percent, while brent crude moved a percent higher to trade above $111 on the news.

Separately, natural gas prices fell off a cliff Tuesday, plummeting nearly 4 percent ahead of expectations of a storage build when the EIA releases its inventory report on Thursday.

  • Patti Domm

    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

  • CNBC Senior Commodities Correspondent and Personal Finance Correspondent

  • JeeYeon Park is a writer for CNBC.com. Follow her on Twitter: @JeeYeonParkCNBC

  • Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.

  • Senior Producer at CNBC's Breaking News Desk.