Chatter about $100 oil is picking up again. After the record Tuesday what are the chances and what's the fallout?
Strategic investor Dennis Gartman, author of The Gartman Letter joins the conversation. Following are excerpts.
Are we going to $100?
“I really don’t think we’re going to make it to $100 and if we do it will only be for a matter of a few seconds when it happens,” says Gartman. “And if it does happen it will be because of a continued outbreak of problems in Turkey.”
He adds, “The situation with Iraq has evolved rather quickly and there are two major pipelines (at risk) and there’s concern that one (or the other) might come under attack.”
How do you trade?
“We’re buyers of natural gas.” says Gartman. “Nat gas is looking relatively inexpensive and if you want to be long.. you can take a long position in United States Natural Gas Fund (UNG) or investors can look at any of the Canadian income trusts such as San Juan Basin Royalty Trust (SJT) or Pengrowth Energy Trust (PGH) which pay dividends and track nat gas pretty closely.”
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Trader disclosure: On Oct 16, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (INTC) (SWY), Najarian Owns (DISH), (GOOG), (UA); Najarian Owns (IBM) Options ;Najarian Is Short (PNC); Finerman Owns (GS), (C); Finerman's Firm And Finerman Own (KFT); Finerman's Firm Owns (LTD), (NMX), (NYX), (VCLK), (JNJ), (MO), (MSFT), (COP), (BIIB) Finerman's Firm Is Short (WFC); Finerman's Firm Owns S&P 500 Index Puts; Finerman's Firm Owns Russell 2000 Index Puts; Finerman's Firm And Finerman Own (FLS)
Gartman Owns (SJT), (UNG); Gartman And CIBC Gartman Index Own Gold; CIBC Gartman Index Owns Crude Oil, Wheat, Corn,Soybeans