The release of crude out of the Strategic Petroleum Reserve is not as critical as making sure that there is enough refined product supply and that there are refineries to process the crude.

Nobody knows what to expect next. That's why the crude market is apprehensive.

The government's offer of barrels from the Strategic Petroleum Reserve has mitigated some of the upward price pressure on crude oil. The problems with gasoline and natural gas may not be helped even if the SPR is tapped. If refineries are offline and can't run the extra oil, it will make no difference.

The traders are simply taking profits. They want to lock-in their gains before the inventory report comes out on Wednesday.

The bin Laden tape has caused a knee-jerk reaction on the part of the market.

What the market has found is that the $68-level has a rather strong resistance, and so the contract is now retreating slightly on profit taking.