Options Action: Chevron

Are you among the traders playing Williams or Energy Transfer as both companies scramble to acquire Southern Union ?

Hope not, because Mike Khouw of Cantor Fitzgerald thinks there's a much better energy play right now.

Find out what he’s looking at. Watch the video now!

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Trader disclosure: On July 5 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 (XOM); Terranova owns (HAS); Terranova owns (DIS); Terranova owns (WFM); Terranova owns (LULU); Terranova owns (MSFT); Terranova owns (TM); Terranova owns (JWN); Terranova owns (MCD); Terranova owns (PEP); Terranova owns (MA); Terranova owns (BX); Terranova owns (CAT); Terranova owns (VRTS); Terranova owns (AAPL); Terranova owns (F); Terranova owns (CVI); Terranova owns (IBM); Terranova owns (FCX) ; Terranova is Chief Market Strategist of Virtus Investment Partners, LTD; Pete Najarian owns (AAPL); Pete Najarian owns (CE); Pete Najarian owns (F); Pete Najarian owns (GE); Pete Najarian owns (MOS); Pete Najarian owns (MS); Pete Najarian owns (SLV) calls; Pete Najarian owns (VLO); Weiss owns (EMC); Weiss owns (MSFT); Weiss owns (JPM); Weiss owns (QCOM); Weiss owns (VZ)

For Brian Kelly
Accounts Managed by Brian Kelly Capital are long Australian Dollars
Accounts Managed by Brian Kelly Capital are long New Zealand Dollars
Accounts Managed by Brian Kelly Capital are long euros
Accounts Managed by Brian Kelly Capital own (TBT)
Accounts Managed by Brian Kelly Capital own (WFC)
Accounts Managed by Brian Kelly Capital own (KRE)
Accounts Managed by Brian Kelly Capital own (MOS)
Accounts Managed by Brian Kelly Capital own (IPI)
Accounts Managed by Brian Kelly Capital own (XLK)
Accounts Managed by Brian Kelly Capital are short U.S. Dollars

For Joe Terranova
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 (IGE)
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 (NRCI)
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 DOMINO'S PIZZA UK & URL PLC
Virtus Investment Partners Owns More Than 1% Of (DRYS)

For Alexandra Liebenthal
No Disclosures

For Anthony Scaramucci
Skybridge Capital is a fund of funds Manager
Funds held May or May Not Own The Recommended Securities

CNBC.com with wires.