"You have Libya who has been a very large supplier of crude oil to the world—at one point I think over 1.5 million barrels per day—now down at times to less than 200,000, and actually at times producing nothing, and that's a problem," he said CNBC's "Fast Money."
Gartman said that the situation in Libya is not being discussed nearly enough, even as most major nations have closed their embassies within the country.
"I think you're going to start seeing Brent, eventually, in the next five to six months, trading at what is more normal, parity to the WTI contract," he said. "So even though you have problems in Libya, I think one buys Brent and one sells WTI."
—By CNBC's Leanne Miller