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Oil prices [US@CL.1
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] toppled on Wednesday, dragged down by an unexpected build in U.S. crude stockpiles.
According to the U.S. Energy Information Administration total U.S. petroleum inventories rose by 15 million barrels during the week, the biggest gain since October.
U.S. crude traded down $2.43 to settle at $66.12 a barrel, after falling as low as $64.95 during intraday trade.
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With energy driving recent gains in the S&P, how should you trade? Following are insights from the Fast Money desk.
Guy Adami: It doesn't suprise me that oil is selling off, says the Negotiator. I think oil could go to $60 and it could take the S&P with it.
Tim Seymour: Except for the past two weeks the trends in the oil numbers have been bearish, explains Fast Money's emerging market specialist. We were expecting a draw of 2.9 million barrels and we had a build of 1.5. That's not very good for a market that's been rallying hard.
Lucas Rosen: We’re seeing the lowest demand for oil since 1999, adds Rosen of The Schottenfeld Group. That’s ten years! I think if you’re long energy stocks you have to wonder what’s priced in.
Jeff Tomasulo: Last week we saw $68 was a point of resistance for crude, explains Tomasulo of SMB Capital. However, if oil pulls back to $60 I’d be a buyer.
Jon Najarian: Fundamentals don’t support $68 crude, muses the OptionMonster. I don’t even think they support $60 and I expect we test that level rather quickly. As for refiners I’m seeing a lot of unusual options action in Valero [VLO
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] and Western Refining [WNR
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]; investors are bullish -- speculating on the call side. I think you can buy both of these on the dips.
John Kosar: Don’t forget there’s a strong seasonal play in oil, reminds Kosar of Asbury Research. Seasonally we expect a pull back this time of year.
Joe Terranova: I think it’s time to move to the sidelines in crude oil, muses the Fast Money trader. The value of the dollar is very strong right now and that’s what I think is behind the move in oil. Investors had put on the reflation trade and now they’re unwinding it. Personally, I’ve flattened out my exposure to Hess [HES
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] and BP [BP
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] and I’m short some oil futures, Terranova reveals.
Steve Grasso: If you want to sleep at night you have to trade in and out commodities, counsels Grasso. You can’t stay in them for weeks at a time.
Pete Najarian: Like my brother, I have my eye on Western Refining [WNR
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], reveals Najarian. The volume of calls traded on Wednesday looks bullish for this stock.
Energy trader Bill Perkins: I’m positioning myself to be short oil and nat gas [US@NG.1
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], says Perkins. I’m especially bearish on nat gas, it’s in danger of overflowing storage. And I also think nat gas drags down coal.
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Trader disclosure: On June 3rd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Seymour Owns (TTM), (AAPL), (BAC), (BBY), (FCX), (EEM), (PBR), (NOK), (MGM); Seymour Is Short (VALE); Seymour's Firm Is Short (VALE); Grasso Owns (V), (AMZN), (WMT), (RIMM); Grasso's Clients Own (ARO), (V), (OXY), (PBR), (WMT), (RIMM), (ARO); Najarian Owns (CELG); Najarian Owns (AMAT) Calls; Najarian Owns (BX) Calls; Najarian Owns (FCX) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (MOS); Najarian Owns (WNR) Calls; Najarian Owns (XHB) Call Spread
Tomasulo Owns (GS),(AAPL), (RIMM), (MCD); Tomasulo Owns Oil Futures; Tomasulo Owns Gold Futures; Rosen Is Short Baltic Dry Index
For Bill Perkins:
Small Ventures USA Has A Short Position In Natual Gas Futures And Options
Small Ventures USA Has A Short Position In Crude Oil Futures And Options
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes