Global Tensions Could Push Oil to $100: Kilburg
Geopolitical concerns could send crude oil toward $100 per barrel, Jeff Killburg of Killir Kapital Management said Wednesday on CNBC.
Iran remains the single largest concerns, especially as Israeli Prime Minister Benjamin Netanyahu called for early elections, giving investors an opportunity to get long, Kilburg said on “Fast Money.”
“I think there’s a back-end filler in the next five to 10 trading sessions,” he said.
Prices could head back to levels seen when Federal Reserve Chairman Ben Bernanke announced QE3, he added.
Kilburg also noted rising tensions between Syria and Turkey, which could squeeze production.
“It’s all about the geopolitical tension,” he said. “The bears have a lot of arrows in their quiver right now. They have global forecast reductions.”
Trader disclosure: On Oct. 10, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s “Fast Money” were owned by the “Fast Money” traders: Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long SBUX; Tim Seymour is long GM; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long F; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN; Scott Nations is long SPY; Scott Nations is long BAC; Scott Nations is long C; Scott Nations is long JPM; Scott Nations is long VIX.
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