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Enchanted April, Historic Month for This Commodity

History was made on Wall Street this month - at least as far as energy traders were concerned.

The spot price of oil gained about 7% in April.

That alone isn't terribly remarkable; here's the part that's historic. It marks the 8th consecutive month of gains for crude.

That's the longest run of monthly increases since 1983 when the light sweet crude contract was introduced on the New York Mercantile Exchange, according to Reuters data.

Could the milestone be the sign of a top? How should you position?

Fast Money trader Joe Terranova has been bullish on energy equities for quite some time and his outlook has not changed. He suggests long positions in Exxon, Apache and Occidental. “I see no reason not to own them," he says. As long as oil sustains above $95 Terranova thinks these names all work.

Trader Patty Edwards is also bullish oil, however she prefers playing oil services names such as Baker Hughes. “Or just own the OIH,” she says. "I think you can own a broad basket of oil services names."

*You can find our conversation about oil stocks approximately 8 minutes into this video clip.




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Trader disclosure: On April 28, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova owns ( TCK); Terranova owns (SLV); Terranova owns (NFLX); Terranova owns (APA); Terranova owns (OXY); Terranova owns (FCX); Terranova owns (BAX); Terranova owns (IBM); Terranova owns (HOC); Terranova owns (UPL); Terranova owns (AKAM); Terranova owns (V); Terranova owns (CVI); Terranova owns (BX); Terranova is long (AAPL) April 350 puts; Jon Najarian Owns (AMSC), Is Short (AMSC) Calls; Jon Najarian Owns (BBBB), Is Short (BBBB) Calls; Jon Najarian Owns (CIGX), Is Short (CIGX) Calls; Jon Najarian Owns (HK), Is Short (HK) Calls; Jon Najarian Owns (IBM), Is Short (IBM) Calls; Jon Najarian Owns (AET), Is Short (AET) Calls; Jon Najarian Owns (MS), Is Short (MS) Calls; Jon Najarian Owns (VHC), Is Short (VHC) Calls; Jon Najarian Owns (UA), Is Short (UA) Calls; Jon Najarian Owns (SWKS), Is Short (SWKS) Calls; Jon Najarian Owns (ZSL) Calls; Jon Najarian Owns (CELG) Calls

For Joe Terranova:
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (NCRI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (DOM)

For Patty Edwards
Edwards Owns (PM)
Edwards Owns (AAPL) For Clients
Edwards Owns (BA) For Clients
Edwards Owns (GLD) For Clients
Edwards Owns (LEG) For Clients
Edwards Owns (MSFT) For Clients
Edwards Owns (PM) For Clients
Edwards Owns (SBUX) For Clients
Edwards Owns (SLV) For Clients
Edwards Owns (VZ) For Clients
Edwards Owns (WFMI) For Clients
Edwards Owns S&P 500 For Clients
Edwards Owns Nasdaq 100 For Client

For Rich Ilczyszyn
***No Dislcosures

For Rebecca Patterson
***No Disclosures

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