What Was Behind the Gasoline Plunge?

Energy bulls stumbled on Wednesday with bearish sentiment so intense at one point gasoline futures had to be halted on the Nymex.

Around 12noon ET, a rapid fall in prices prompted officials to stop trading, temporarily.

Negative catalysts were rampant during the session:

- The government reported oil inventories rose 3.78 million barrels last week to 370.3 million, a two-year high.

- The government reported gasoline inventories rose 1.28 million barrels to 205.8 million, the first increase since mid-February.

- The Energy Information Administration said demand for gasoline dropped 2.4% last week suggesting higher prices at the pump had curtailed driving.

Also, the surging dollar generated a strong headwind. Because oil is nominated in US dollars a stronger greenback raises the cost of oil for foreign buyers.

Despite the string of headwinds, David Greenberg of Greenberg Capital thinks something else took down energy. Get all the details. Watch the video now!

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Trader disclosure: On May 11, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Pete Najarian owns (PFE); Pete Najarian owns (MRK); Pete Najarian owns (AAPL); Pete Najarian owns (TCK); Pete Najarian owns (AKAM); Pete Najarian owns (C); Pete Najarian owns (HPQ); Pete Najarian owns (TEVA); Pete Najarian owns (MS); Pete Najarian owns (RSX); Pete Najarian owns (GE); Pete Najarian owns (MSFT); Pete Najarian owns (YHOO); Pete Najarian owns (VLO); Pete Najarian owns (TER); Pete Najarian is long (RIMM) calls; Pete Najarian is long (AVL) calls; Pete Najarian is long (NTAP) calls; Pete Najarian is long (XLF) calls; Pete Najarian is long (PMCS) calls; Pete Najarian is long (CVS) calls; Pete Najarian is long (XL) calls; Pete Najarian is long (BSX) calls; Pete Najarian is long (HBC) calls; Pete Najarian is long (EWZ) calls; Pete Najarian is long (XLI) calls; Pete Najarian is long (FCX) calls; Finerman owns (M); Finerman owns (CMI); Finerman owns (LEA); Finerman owns (MSFT); Finerman is short SPY; Finerman is short (MDY); Finerman is short (IWM); Finerman is Long S&P 500 Puts; Finerman is Long Russell 2000 Puts; Terranova owns (VRTS); Terranova owns (AAPL); Terranova owns (JPM); Terranova owns (V); Terranova owns (BX); Terranova owns (UPL); Terranova owns (BAX); Terranova owns (PFE); Terranova owns (PEP); Terranova owns (MCD); Terranova owns (TM); Terranova owns (DIS); Terranova owns (BJ); Terranova owns (APA); Terranova owns (OXY); Terranova owns (XOM); Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU)

For Brian Kelly
Accounts Managed By Brian Kelly Capital are long Australian dollar
Accounts Managed By Brian Kelly Capital are long Mexican peso
Accounts Managed By Brian Kelly Capital own (EBAY)
Accounts Managed By Brian Kelly Capital own (AGO)
Accounts Managed By Brian Kelly Capital own (DIA)
Accounts Managed By Brian Kelly Capital own (SLV)
Accounts Managed By Brian Kelly Capital own (SLV) calls
Accounts Managed By Brian Kelly Capital own (MCP) calls

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
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Dan Niles
Niles and Alpha One own (AUO), (PAY), (NXPI)

Mike Khouw
**No Disclosures

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