Closely followed market watcher Dennis Gartman says billionaire Boone Pickens' prediction that the bottom is in for oil is off base.
"It's a supply circumstance. You can see it in the term structure of the futures market on Friday, when you had a strong rally, the back months led the way up," Gartman told CNBC's "Fast Money" traders on Monday. "That's not how bull markets function, that's how bear markets function, and I think Mr. Pickens, a hero of mine, is wrong."
Pickens, who built Mesa Petroleum into a powerhouse and founded BP Capital Management, told CNBC's "Squawk Box" on Monday that oil would be trading at $52 by year's end.
"Once you hit bottom which I think was $26.15 on WTI, you're going to double within 12 months by historical information," Pickens said. "So here you are at $30 and I think you'll be at $52 by the end of the year."
On Tuesday, West Texas Intermediate crude fell to around $30 a barrel. Oil is now down nearly 20 percent this year.