After falling 6 percent Monday, crude is back above $30 a barrel. And according to one widely followed investor, the commodity may be finding a floor.
"At this point I don't think I want to be short of crude oil. I've been very bearish for a long time. I think the time for being bearish of crude is over," Dennis Gartman, editor of the Gartman Letter, told CNBC's "Fast Money" traders on Monday. "I think that there's a possibility we have bottomed."
Crude has gone on a wild ride in recent trading sessions. On Friday, the commodity traded up 9 percent to $32.19 before falling again Monday.
Friday's strong but short-lived rally is the reason why Gartman believes crude may have bottomed. He says that in most crude rallies, the crude contango — when the futures price is higher than the spot price — is supposed to narrow. In the current situation, the contango widened — while short-term crude prices rallied, contracts further out rose even more.