Dennis Gartman sees possible demise of solar energy
If crude oil prices continue to head lower, it could mean the end of the alternative energy industry, commodities trader Dennis Gartman said Monday.
"I've never been a proponent of solar, nor of wind. I'm much more a proponent of crude oil, natural gas and nuclear power," he said. "The amount of time that we have spent, the amount of tax dollars that we have spent, the amount of rhetoric that we have exhausted to try to support wind and solar makes absolutely no sense to me.
"So, if crude oil makes its way lower, I think it spells the demise of the solar energy phenomenon."
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The editor and publisher of the widely followed Gartman Letter, who made the comments on CNBC's "Fast Money," also said that West Texas Intermediate crude could continue its downward trajectory toward $85 a barrel.
"I think over the course of the next several months, it could be and probably shall be," Gartman said. "I've been bearish for several weeks now because the term structure had turned, I think, egregiously bearish, where the front months were losing relative to the backs. You're actually beginning to see that now in Brent also. I think that's fascinating, that Brent is about to go to a contango instead this enormous backwardation."
But, Gartman added, at "the absolute first bounce—50 cents, 75 cents, $1—I'll be selling crude oil again."