And if insider buying means anything you might be interested to know that McClendon spent $201.5 million buying shares of his own company. It's also worth noting that Chesapeake is hedged 100% in 2009 and about 75% for 2010.
"From where prices have fallen to now I think we’re in a place where we’re putting in a bottom in nat gas,” he tells the traders. “There’s been concern about excess supply but we think there’s good demand."
McClendon is very optimistic about the future. “I’m very bullish on natural gas going forward,” he says.
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Trader disclosure: On Aug 18, 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 (UUP), (MSFT), (WMT), (COST): Karabell Owns (AAPL), (BHP), (GLD), (GOOG), (SLB); Pete Najarian Owns (AAPL) And Is Short (AAPL) Calls; Pete Najarian Owns (CSCO) Calls; Pete Najarian Has A Long Call Spread In (ZMH); Terranova Owns (AAPL), (RIMM), (IYT), (BNI), (XLF), (YHOO), (KOL), (SA), (INTC), (FCX), (CME), (GOOG), (VLO), (GS), (SU), (NOV), (POT), (EOG); Terranova Is Short Crude Oil Time Spread (Short Dec. 2008, Long Dec. 2012), Terranova Is Long Crude Oil Dec. 2012 Futures
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV)
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)