As snow and ice continued to shut-down portions of the southern U.S. Monday morning Fast Money’s Joe Terranova was looking to the energy sector to heat up. “When you look at the commodities space, I believe oil is going to be the standout in 2011.”

If Monday's price action is any indication, he may be right. Crude rallied on news of a pipeline shutdown in Alaska and continued China demand. The shut pipeline carries about 15% of U.S. crude.

It was closed on Jan. 8 after officials spotted a leak. China’s oil imports, meanwhile, climbed 18% last year, according to customs data released today.