Dennis Gartman Reveals His Oil Trade
Following an Exxon energy study forecasting that North America would become a net exporter of energy by 2025 and that oil demand would rise 35 percent from current levels, commodities trader Dennis Gartman shared how he was trading Tuesday.
"For the past several weeks, I've been a buyer of stocks and a seller of crude," he said. "I'm going to continue to do more of that. The market's saying that it's right.
"There's a lot – a lot – of $85 crude oil around. We're going to test and see what we have at $65. I think in a year or two, we'll be down to that level."
Gartman, who is editor and publisher of The Gartman Letter, also said, "We're probably out of $40 crude oil."
North Dakota, he added, continued to lead something of an energy renaissance in the United States because of its energy-rich shale areas, leading it to surpass production from Alaska and Texas.
"I don't think enough people are aware of how efficient we have become and how much is going in the oil patch," the said. "It's a change going on that not enough people are paying attention to."