Strategist: 'Oil Single Best Commodity'

Oil prices hit short-term highs Monday with investors wondering if the rally had legs.

According to John Stephenson, author of "The Little Book Of Commodity Investing” it does have legs - long legs.

He says oil isn’t only going higher – it’s going much higher. He expects it to test $147 within the next two years.

”The whole Street has completely missed the oil trade,” he says. “This is the single best commodity to be in.”

Want to hear his thesis? Watch the video now for our entire conversation with Stephenson. !

______________________________________________________
Got something to to say? Send us an e-mail at [e-mail] and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to [e-mail].

Trader disclosure: On November 29, 2010, following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL), (BX), (BAC), (NOK); Finerman owns (AAPL); Finerman and Finerman’s firm owns (BBY); Finerman owns (BAC); Finerman owns (BKS); Finerman and Finerman’s firm owns (BP); Finerman’s firm owns (CMVT); Finerman owns (KFT); Finerman and Finerman’s firm owns (JPM); Finerman’s firm owns (MCD); Finerman’s firm owns (WMT); Finerman and Finerman’s Firm owns (MSFT); Terranova Owns (UPL), (C), (PEP), (VRTS), (GS), (OXY), (OIH), (AXP), (FCX), (AAPL), (POT), (NKE), (MCD), (IBM); Weiss owns (FDX), (UPS), (BWC); Pete Najarian owns (PFE); Pete Najarian owns (BAC); Pete Najarian owns (MS)

For Brian Kelly
Accounts Managed By Kanundrum Capital Own (GLD)
Accounts Managed By Kanundrum Capital Own (GDXJ)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Own (MON)
Accounts Managed By Kanundrum Capital Own (BG)
Accounts Managed By Kanundrum Capital Own (JPM)
Accounts Managed By Kanundrum Capital Own (WFC)
Accounts Managed By Kanundrum Capital Own (QCOM)
Accounts Managed By Kanundrum Capital Own (FCX)
Accounts Managed By Kanundrum Capital Own (RDC)
Accounts Managed By Kanundrum Capital Own (WFC)
Accounts Managed By Kanundrum Capital Own (AAPL)
Accounts Managed By Kanundrum Capital Own (DRIV)
Accounts Managed By Kanundrum Capital Own (DRYS)
Accounts Managed By Kanundrum Capital Own (ESM)

For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CMS)
Virtus Investment Partners own more than 1% of (CSC)
Virtus Investment Partners own more than 1% of (CSVI)
Virtus Investment Partners own more than 1% of (FCFS)
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
Virtus Investment Partners own more than 1% of (LPHI)
Virtus Investment Partners own more than 1% of (MGRC)
Virtus Investment Partners own more than 1% of (NRCI)
Virtus Investment Partners own more than 1% of (DBV)
Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLF)
Virtus Investment Partners own more than 1% of (XLI)
Virtus Investment Partners own more than 1% of (XLU)
Virtus Investment Partners own more than 1% of (SOA)
Virtus Investment Partners own more than 1% of (SUBK)
Virtus Investment Partners own more than 1% of (WDFC)
Virtus Investment Partners own more than 1% of (WMB)
Virtus Investment Partners own more than 1% of (YDNT)
Virtus Investment Partners own more than 1% of (DRYS)

For Mike Khouw
Cantor Fitzgerald makes a market in (BAC)
Cantor Fitzgerald makes a market in (DF)
Cantor Fitzgerald makes a market in (APOL)
Cantor Fitzgerald makes a market in (HRB)
Cantor Fitzgerald makes a market in (AKS)
Cantor Fitzgerald makes a market in (MU)
Cantor Fitzgerald makes a market in (NVDA)
Cantor Fitzgerald makes a market in (NYT)

For Doug Kass
Seabreeze Partners Management Is Short (YUM)
Seabreeze Partners Management Is Short (RT)
Seabreeze Partners Management Is Short (GIS)
Seabreeze Partners Management Is Short (K)
Seabreeze Partners Management Is Short (KFT)

For Jordan Rohan
Stifel Nicolaus makes a market in (EBAY)
Stifel Nicolaus intends to seek compensation for investment banking services from (EBAY) in the next 3 months.

For John Stephenson
Stephenson And First Asset Investment Management Own (HES)
Stephenson And First Asset Investment Management Own (OXY)
Stephenson And First Asset Investment Management Own (BP)
Stephenson And First Asset Investment Management Own (HAL)
Stephenson And First Asset Investment Management Own (SLB)
Stephenson And First Asset Investment Management Own (SU)
Stephenson And First Asset Investment Management Own (CNQ)

GE is The Parent Company of CNBC
NBC Universal is The Parent Company of CNBC

CNBC.com with wires.