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Oil [US@CL.1
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] dropped by as much as $4 a barrel on Friday on concerns about a global recession and slowing demand for fuel. Investors all but ignored an OPEC agreement to cut output.
In an emergency meeting the Organization of the Petroleum Exporting Countries agreed to take 1.5 million barrels a day of crude, about 5 percent of its supply, off the world market. Saudia Arabia's Oil Minister Ali al-Naimi said the reduction would take effect from November 1st.
But that did little to buoy the energy sector. Among the energy stocks Chevron [CVX
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] and Exxon [XOM
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] performed very poorly with the broad Energy Select Sector SPDR ETF[XLE
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] looking equally dismal.
According to Joe Terranova the action in oil has everything to do with hedge funds. “They were active participants in the oil market on the way up," he says, "and forced liquidations are behind the selling."
But by and large he thinks that "unwind" is about done. "The volume isn’t there anymore.”
And that could mean selling pressure is about to abate. “We are running out of sellers in oil," says Joe Terranova. "If you’re short maybe it’s time to cover."
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Trader disclosure: On Oct. 24, 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 (SDS), (UUP), (WMT), (MSFT), (BNI): Adami Owns (C), (GS), (INTC), (MSFT), (AGU), (BTU), (NUE): Najarian Owns (BNI), Is Short (BNI) Calls, Owns (BNI) Puts: Najarian Owns (MS) Put Spread; Najarian Owns (GDX) Call Spread: Seymour Owns (AAPL), (EEM), (MER): Seygem Asset Management Owns (RIO), (CCJ): Finerman Owns (GS), (PM); Finerman's Firm Owns (MSFT), (DEO): Finerman's Firim Is Short (COF), (USO), (IYR), (IJR), (MDY), (SPY), (IWM), (BBT)
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes