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Oil [US@CL.1
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]remains strong -- can it keep moving? Find out from Joe Terranova.
Despite already being up $3 ahead of the data, a bigger than expected drop in U.S. crude inventories pushed oil prices even higher on Wednesday.
Also, BP said the world's proven oil reserves were mostly unchanged last year, a further indication of tightening supplies.
"The window of weakening oil prices has now closed,” says Joe Terranova, chief alternatives strategist at Phoenix Investment Partners on CNBC’s Closing Bell. “From Memorial Day to the middle of June there was some selling pressure from index funds rolling their contracts forward but that’s coming to an end. I think the downside is limited.”
“I expect the market to firm up ahead of the futures expirations on June 20th. “Over the next week I think prices are going north,” he says.
How are you trading?
I’m long the Canadian dollar as well as Hess [HES
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Trader disclosure: On June 11, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (INTC), (MSFT), (DIS), (WMT); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Finerman Owns (GS); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO), (AAPL); Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Owns (XME) Puts; Finerman's Firm Is Short British Pound; Finerman's Firm Is Short (GLD), (IYR), (IJR), (MDY), (SPY), (IWM); Terranova Owns (FXC), (LUV), (GS)
Phoenix Investment Partners Ltd. Is Long Airtran Holdings, Alaska Air Group, American Airlines, Apache, BP, British Airways, Chesapeake Energy, Chevron, ConocoPhillips, Continental Airlines Delta Air Lines Deutsche Lufthansa, ENI SPA, ExxonMobil Gazprom, Hawaiian Holdings, Hess, Holly Corp. Husky Energy, JetBlue, Lukoil, Marathon Oil, Murphy Oil, Occidental Petroleum, PetroBras Intl. Fin. Petro-Canada, Petroleo Brasileiro S.A., Petroleos De Venezuela SA, Qantas Airways Republic Airways, Royal Dutch Shell, Skywest, Southwest Airlines, Suncor Energy, Sunoco, Tesoro Texaco Capital, Total SA, United Airlines, US Airways Group, Valero Energy
Data is a real-time snapshot *Data is delayed at least 15 minutes