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Dennis Gartman: Oil Prices to Hit $100 by Year’s End

Tuesday, 8 Nov 2011 | 12:43 PM ET

Oil prices hit over $96 a barrel Tuesday and while the Fast traders have been saying it’s the wild card in the market, Dennis Gartman thinks crude oil will continue its march higher.

“It’s probably going to touch $100 before the end of the year,” the widely esteemed commodities trader said.

Gartman said the reason can be found in what he calls the “term structure” in the futures market—how the nearby futures are acting versus the deferred futures.

“In bull markets, you actually see the front months continuously gain against the deferreds,” he explained. “We’re seeing that in WTI …[and] that tells you prices are still going higher, demand is strong.”

Brent crude is also spiking, he added, because of concerns over Iran’s nuclear program.

Gartman: Oil Going Higher, Demand Strong
Discussing the directions of gold, the euro, and oil, with Dennis Gartman, The Gartman Letter, and the Fast Money traders.


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Trader disclosure: On November 8, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Gartman’s fund is long JRCC; Gartman’s fund is long AAPL; Gartman’s fund is long SU; Gartman’s fund is short MFLY; Gartman is short S&P futures; Gartman is short Euro; Gartman is long gold futures; Dicker owns RIG; Dicker owns GLD; Dicker owns HP

For Patty Edwards
Trutina Financial is long AAPL
Trutina Financial is long GLD
Trutina Financial is long INTC
Trutina Financial is long AMZN
Trutina Financial is long MSFT
Trutina Financial is long GOOG
Trutina Financial is long MCD
Trutina Financial is long DIS

For David Palmer
UBS AG, its affiliates or subsidiaries beneficially owned 1% or more of a class of the following companies' common equity securities as of last month`s end (or the prior month`s end if this report is dated less than 10 days after the most recent month`s end): McDonalds

For Mark Mahaney
Steven J Fullerton, Associate, holds a long position in the securities of Google Inc.

Neil A Doshi, Associate, holds a long position in the securities of Google Inc.

A member of the household of Andy J. Wu, Associate, holds a long position in the securities of Google Inc.

Citigroup Global Markets Inc. or its affiliates beneficially owns 1% or more of any class of common equity securities of Netflix Inc, eBay Inc. This position reflects information available as of the prior business day.

Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of securities of Google Inc.

Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from Google Inc, Orbitz Worldwide Inc, eBay Inc.

Citigroup Global Markets Inc. or its affiliates expects to receive or intends to seek, within the next three months, compensation for investment banking services from eBay Inc.

Citigroup Global Markets Inc. or an affiliate received compensation for products and services other than investment banking services from Priceline.Com Inc, Amazon.com Inc, Expedia Inc, Google Inc, Orbitz Worldwide Inc, eBay Inc in the past 12 months.

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as investment banking client(s): Google Inc, Orbitz Worldwide Inc, eBay Inc.

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, securities-related: Priceline.Com Inc, Amazon.com Inc, Expedia Inc, Google Inc, Orbitz Worldwide Inc, eBay Inc.

Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, non-securities-related: Priceline.Com Inc, Amazon.com Inc, Expedia Inc, Google Inc, Orbitz Worldwide Inc, eBay Inc.

Analysts' compensation is determined based upon activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates ("the Firm"). Like all Firm employees, analysts receive compensation that is impacted by overall firm profitability which includes investment banking revenues.

The Firm is a market maker in the publicly traded equity securities of Priceline.Com Inc, Amazon.com Inc, Expedia Inc, Google Inc, Netflix Inc, eBay Inc.

For George Davis
No disclosures

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