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Dennis Gartman avoids 'sporty' natural gas prices

Gartman: Nat gas bear

After a wild ride for natural gas futures on Monday, the upswing might be over, commodities trader Dennis Gartman said.

December futures closed at $4.255 per million British thermal unit, down 3.6 percent, breaking 10 sessions of gains. Natural gas had been up more than 25 percent from its October low.

"You had a huge run to the upside," he said. "Ten or 11 consecutive days to the upside is extended by anyone's imagination. And you are getting to the point where at $4.50 million British thermal units that was probably—for lack of a better term—a sporty price."

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Dennis Gartman, editor and publisher of The Gartman Letter
Adam Jeffery | CNBC

On CNBC's "Fast Money, " the editor and publisher of The Gartman Letter blamed the polar vortex.

"The question is: Are we going to have a protracted and consistent period of cold weather? If you know what the weather's going to do, you know what crude oil or what natural gas prices are going to do," Gartman said, calling $4.50 "expensive."

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"Let nat gas get back to $4 per MBTUs. Let it get to $3.95, and you'll have my interest as a buyer," he said. "But at $4.50, not at all. And after 11 consecutive days on the upside, absolutely not at all."