The industry dodged a bullet with Hurricane Dean, but as soon as there’s another major weather event in the Gulf, the price of crude could go right back up to $80, Guy Adami says. He would buy Exxon on this dip as well as Holly Corp. (HOC), which is looking to increase its refinery capacity by 19% by 2009.
Constance Hunter has her eye on a small, Kazakhstan oil company called BMB Munai (KAZ). The company just did a deal with China to export more oil and it’s extremely cheap, she says.
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Trader disclosure: On Aug 21 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money; Macke Owns (INTC), (ATVI), (EMC); Najarian Owns S&P Puts; Constance Hunter Is The Founder And Owner Of Coronat Capital Management; Coronat Capital Management Owns (INFY),(H&M), (USO); Coronat Capital Management Owns Yen; Coronat Capital Management Owns VIX Options; Coronat Capital Management Is Short (FXI); Coronat Capital Management Is Short (EWH) But Owns Local-Listed Hong Kong Shares