Oil surged again Wednesday on weak fuel inventories and an even weaker dollar. How can you chart the course for black gold?
My thesis is that oil is stuck at $100, says Oppenheimer Chief Market Technician Carter Worth on CNBC's "Closing Bell". But I don’t think we’re running away on the upside.
How are you playing it?
I recommend staying away from refiners such as Sunoco (SUN), Valero (VLO) and Tesoro (TSO). Inventories are at 15-year highs and refiners are a margin story.
If you want to be in energy, I like Apache (APA) and Devon (DVN). These companies will search for oil, no matter what happens with the economy, he counsels.
The bottom line in oil?