Crude prices dropped precipitously for the second day in a row after a report showed a surprise drop in existing home sales during the month of August, which pressured commodities and the broader market lower on Thursday.

Crude plunged $3.08 or 4.47% to settle at $65.89 a barrel on Thursday, its lowest settle since July 29. 

As the dollar strengthened after the existing home sales report was released Thursday morning, crude prices began to slide, maintaining the commodity's inverse relationship to the dollar.

Thursday's losses come just one day after the fuel plunged 4% on Wednesday, after a weekly energy report from the U.S. Department of Energy showed inventories of the fuel rose by 2.8 million barrels last week. The world’s largest economy’s still-sluggish demand for fuel caused the price of crude for November delivery to plummet 3.9%, or $2.79 per barrel, on Wednesday, settling below $69 at $68.97 per barrel.

Oil and gas manufacturers saw their stock prices follow crude oil downward on Thursday. Shares of ConocoPhillips (COP) fell 1.68%, as shares of Total S.A. (TOT) dropped 3.45% and Marathon Oil Corp. (MRO) fell 1.99%.

Other Fuels
RBOB gasoline for October delivery fell 6.83 cents lower or 4.01% on Thursday afternoon to settle at $1.6366, its lowest settle since July 8.  In the previous session, the fuel fell 7.67 cents, or 4.3%, to settle at $1.7049 per gallon.

The price of heating oil fell 7.80 cents or 4.43% lower on the New York Mercantile Exchange on Thursday, its lowest settle since July 29. On Wednesday, the fuel followed crude lower, falling 5.27 cents, or 2.9%, to settle at $1.7594.

Natural gas for delivery in October gained 9.5 cents or 2.46% on Thursday afternoon to settle at $3.955 per million BTUs. This is the fuel’s third consecutive gaining day, and natural gas is up 10.60% over the past three sessions. On Wednesday, the fuel leapt 25.1 cents, or 7%, to settle at $3.860 per million BTUs, it’s highest settle since August 5. Natural gas is up 32.85% so far this month.

Metals
Gold for September delivery fell $15.50, or 1.53% on Thursday afternoon, slipping below $1,000 per troy ounce, to settle at $997.50, in the largest one-day dollar and percentage drop since July 8. The metal fell $1.20 or 0.12% to settle at $1013.00 per troy ounce on Wednesday, and has fallen lower six of the last seven trading days. Gold is up 4.81% so far this month.

Silver fell 61.5 cents or 3.64% lower on Thursday afternoon, to settle at $16.273 per troy ounce, its lowest settle since September 4.  Today's losses come after the metal's price declined 20.5 cents, or 1.2%, on Wednesday. Silver's price is still up 9.16% in the month of September.

Copper fell 9.7 cents or 3.47% lower on Thursday, to settle at $2.6995, its lowest settle since July 31.  The metal has fallen 5.36% in the past two trading sessions. Copper is down 3.86% so far this month.