After heading south last week, the price of crude oil rose on Monday as Tropical Storm Dolly barreled into the Gulf of Mexico, stoking concerns of disruptions to offshore oil and gas production.

The U.S. National Hurricane Center warned the storm could reach hurricane strength on Tuesday, but the U.S. Energy Information Administration said on its current path it was likely to miss major oil producing areas but could threaten some coastal refineries later in the week.

Despite weather and some political concerns Joe Terranova doesn't think oil will make large movements in either direction for some time now. How do you trade the road to nowhere?

I noticed that below $130 there was some serious institutional buying, says Terranova on Fast Money. That suggests there’s a great deal of support at that level.

In my view the oil market isn’t going anywhere over the next 3 or 4 weeks. My trade is to sell some straddles and buy sleeping pill calls.

That's an elevated options trade, adds Pete Najarian. I'd only recommend that for investors who watch the markets closely.

For an in-depth explanation of Terranova's options trade please watch the video.

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Trader disclosure: On July 21, 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 (WMT), (HAS), (ATVID), (GS), (DIS); Najarian Owns (AMLN), (TSO); Najarian Owns (AAPL) And (AAPL) Puts; Najarian Owns (FHN) Puts; Najarian Owns (MRK) Calls, (YHOO) Calls, (CSCO) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm And Finerman Own (PDE); Finerman's Firm Owns (GE), (MRK), (MSFT), (PPH), (PFE), (SUN), (TSO), (VLO), (AXP); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY)

Terranova Owns (RIMM), (GOOG), (YHOO), (INTC), (VLO), (IYT), (CME), (BNI), (FCX), (XLF), (SU); Terranova Is Long Crude Oil Sept. $154 Call; Terranova Is Short Crude Oil Sept. $130 Call; Terranova Is Short Crude Oil Sept. $130 Put; Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.,Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO

Phoenix Investment Partners Owns More Than 1% Of (DBV), (RWX(, (LNET), (EXR), (SKT), (DLR), (IGE), (ARE), DBC), (ABD), (OFC), (CLB), (BLV), (CNTY), (FL), (HPC), (PSPT), (ESS), (OIIM), (BIG), (ENG), (PFD), (DRH)

Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

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