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Dennis Gartman: Sell oil on the bounce

Don't count on the energy sector to rally, commodities trader Dennis Gartman said Monday.

While the energy sector is up nearly 7 percent this year, making it the second best performer this year only behind utilities and widely outperforming the S&P 500, only coal is worth a look, said Gartman, who publishes the widely read Gartman Letter.

"Coal stocks are under-loved. Everybody hates them, but they are still the majority of the power for electricity in the U.S.," he said on CNBC's "Fast Money."

Oil, however, was a different story.

"Oil has some problems right now," Gartman said. "I wouldn't be surprised if we see the U.S. government very soon move to sell some crude oil from the [Strategic Petroleum Reserve]. It's the only weapon to take on the Russians, and crude oil prices are in trouble at this point."

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