Informed Money’s Oil Trade: Gartman

Brent crude and West Texas intermediate are heading in opposite directions, commodities trader Dennis Gartman said Monday.

"I think crude oil wants to go higher," he said. "What's interesting to me is that we know all the bearish news. We know that there's a lot of new oil being found. This is already in the market."

WTI crude touched a nine-month high, ending the day up 15 cents at $97.92 per barrel. Brent crude declined 31 cents to $105.62 per barrel.

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On CNBC's "Fast Money," Gartman said that he was "fascinated" by the term structure, or "the ability of the front months to gain upon the backs."

"When the term structure moves that way – when the fronts lead the way up and hold on the way down – it tells me that informed money is probably trying to buy the market," he said.

"It tells me that the market is short in the spot. I'm always going to be interested in buying markets where the market is in backwardation, and the year spreads in WTI are doing that."

Gartman said that he was long WTI, long WTI against Brent and long WTI against gold.

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"I think that might be the next interesting trade," he added.

Despite geopolitical tensions in oil-producing regions, Gartman explained why he was shorting Brent.

"It has been losing relative to WTI all during the last month and a half," he said. "It's actually weakened rather archly against WTI. I'm going to consistently be short of that.

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"That's the bearish case for the Brent market."

Trader disclosure: On June 17, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Grasso is funds long AAPL; Steve Grasso is funds long MU; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is long ASTM; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Josh Brown is long AAPL; Josh Brown is long C; Josh Brown is long TLT; Josh Brown is long XLF; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long INTC; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long YHOO; Pete Najarian is long GE.