On "Fast Money," he said that "crude oil is backing up already" and that it would continue to be under pressure, as it heads down toward $80 per barrel.
(Read More: Will Hurricane Sandy Cause Gas Shortage?: Pros)
The question whether refineries taken off-line because of the storm would sustain electrical damage, further hampering a return to productivity.
Gartman suggest owning distillates and gasoline, as well as shorting crude oil.
(Read More: Looking for Storm Plays? Not Too Late for This One)
But he noted that it was West Texas Intermediate that should be sold, not Brent crude.
Trader disclosure: On Oct. 29, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long ALL Puts; Jon Najarian is long DAL Puts; Brian Stutland is Short SPY puts; Brian Stutland is Bull VIX futures and options spreads; Brian Stutland is Short PSX puts; Brian Stutland is Long calls and short puts GNRC; Brian Stutland is Short put and call GOOG; Brian Stutland is Bull UGA option spread; Brian Stutland is Long stock and short calls and puts VLO; Brian Stutland is Long PGX; Brian Stutland is Long PFF; Brian Stutland is Bull IWM call butterfly; Simon Baker, Nothing to Disclose.
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