Do Buffett and Icahn buys signal commodity bottom?

Workers arrive at Freeport McMoRan's Grasberg mining complex, in Indonesia's remote eastern Papua province.
Olivia Rondonuwu | AFP | Getty Images

Was the 8 percent surge in oil Monday following the disclosure of Warren Buffett buying an energy stock just a coincidence?

Most investors think it was just that.

However, it is worth debating whether Buffett's 11 percent stake in oil refiner Phillips 66 disclosed Friday, Carl Icahn's purchase of an 8.5 percent stake in mining giant Freeport-McMoRan disclosed Thursday and 8 percent stake in natural gas company Cheniere Energy on Monday will mark a bottom in commodity prices.

After all, these legendary investors aren't typically ones to invest into sectors in the middle of a secular declines.