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]finally offer relief to beleaguered refiners? I've noticed a lot of insider buying at Tesoro [TSO
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], explains Pete Najarian. I’d keep an eye on this stock. I like what’s going on. If oil comes down the crack spread will start to move in their favor and they should make money.
Not everyone on the Fast Money panel is bullish. Joe Terranova wouldn't touch Tesoro or any of the refiners with a 10 foot pole.
And I would not use it as a proxy for lower oil, either, he says. The refiners have to sell-off current gasoline invesntories before they can make any money. That could take 6 months.
What’s the bottom line?
If you’re in a refiner you’re playing lower oil, explains Dylan Ratigan. It's important to know that.
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Trader disclosure: On June 25, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (AAPL), (ANR), (CHK), (NOK), (NVDA), (ORCL), (TSO), (XLF), (XTO), Najarian Owns (YHOO) Calls, (MYGN) Calls, (RIMM) Calls, (SLB) Calls, (UBS) Calls; Finerman Owns (GS); Finerman's Firm Owns (AXP), (MSFT), (PZN), (SUN), (TSO), (VLO), (KALU), (CYBX); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Owns SPX Index Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY); Karen Finerman's Partner In Her Hedge Fund Is On The Board Of Cyberonics; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Terranova Owns (BNI), (CME), (FXC), (LUV), (GOOG), (INTC), (IYT), (XLF), (SU), (YHOO), (FCX)
Terranova is chief alternatives strategist at Phoenix Investment Partners; Phoenix Investment Partners Ltd. Owns (RWX), (DBC), (DBV), (IGE), (AAI), (ALK), (AMR,) (APA), BP plc, British Airways plc, (CHK), (CVX), (COP), (CAL), (DAL), ENI SPA, (XOM), Gazprom, (HA), (HES), (HOC), (HSE), (JBLU), Lukoil, (MRO), (MUR), (OXY), Petrobras Intl Fin, Petro-Canada, (PBR), Petroleos De Venezuela, (QAN), (RJET), Royal Dutch Shell plc A Shares, (SKYW), (LUV,) (SU), (TSO), Texaco Capital, Total SA, (UAUA), (LCC), (VLO)
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