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Mar.26
5:00 PM ET

Oil surged again Wednesday on weak fuel inventories and an even weaker dollar. How can you chart the course for black gold?

My thesis is that oil is stuck at $100, says Oppenheimer Chief Market Technician Carter Worth on CNBC's "Closing Bell". But I don’t think we’re running away on the upside.

How are you playing it?

I recommend staying away from refiners such as Sunoco (SUN), Valero (VLO) and Tesoro (TSO). Inventories are at 15-year highs and refiners are a margin story.

If you want to be in energy, I like Apache (APA) and Devon (DVN). These companies will search for oil, no matter what happens with the economy, he counsels.

The bottom line in oil?

Overweight E&P (exploration and production) names and underweight refiners, conlcudes Worth.



Charting Oil
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