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A new day, a new record price for crude oil. Is this becoming a long-term trend or is the momentum due to break?
Oppenheimer’s Carter Worth thinks oil is due for a retrenching, even if it is only a pause in an overall move higher over time. 
Looking at the chart of crude, Worth noticed that the price move from the low in February to the current high is “almost identical” to the move it made from last August to November – roughly 40%. These similar intermediate moves in the price signal to Worth that oil is likely to go back to $110 before it sees $130.
John Kilduff of MF Global, however, doesn’t see it that way. Speaking on Tuesday’s Closing Bell alongside Worth, Kilduff said oil seems to continue to benefit from a perfect storm of supply outages and steady to increasing demand. Even if Americans begin to use less gas as prices at the pump skyrocket, it likely won’t matter because demand will continue to increase in China.
Kilduff’s best trade is natural gas, which he sees as the cheapest play in the energy complex. And, whatever you do, he said, stay away from the refiners, where oil is an input cost and thus hurts margins.
Worth would short crude oil on his thesis that it’s headed lower, but get long specific energy stocks like ConocoPhillips [COP
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] that don’t reflect the price of oil.
Read More:
> "Super Spike" In Store?
> POLL: $200 Oil Possible?! Vote Now
> Options Action: Crude Oil
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Trader disclosure: On May 6, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (C), (GS), (INTC), (MSFT), (NUE), (BTU), (AGU); Najarian Owns (AAPL), (TSO), (XLF); Najarian Owns (BSC) Calls, (BUD) Calls, (CSCO) Calls, (EP) Calls, (MSFT) Calls, (YHOO) Calls, ( C) Calls; Macke Owns (DIS), (INTC), (MSFT); Finerman Owns (GS); Finerman's Firm And Finerman Own (HD), (KALU); Finerman's Firm Owns (MSFT), (NYX), (PLCE), (TSO), (VLO), (JCP), (AEO); Finerman's Firm Owns (YHOO) And (YHOO) Call Spreads; Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Short The British Pound; Charles Schwab Is A Sponsor Of "Fast Money"; WWE Programs Air On Networks Of NBC Universal, The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC
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