Because if that scenario unfolds, in the second week of July I would expect a pullback in oil and that pull back would benefit refiners' margins.
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Trader disclosure: On June 27, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (BTU), (NUE), (GS), (INTC), (MSFT); Pete Najarian Owns (ANR), (TSO), (XLF); Pete Najarian Owns (AAPL) Calls, (EK) Calls, (QID) Calls, (RIMM) Calls, (YHOO) Calls, (WLT) Calls; Pete Najarian Owns (HRB) Puts, (MER) Puts, (HBC) Puts; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (NYX), (SUN), (TSO), (MRK), (PPH); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (SPY), (IYR), (IJR), (MDY), (IWM); Finerman's Firm Is Short SPX Index Puts; Finerman's Firm Owns (VLO) And (VLO) Call Spreads; Terranova Owns (BNI), (CME), (FXC), (LUV), (GOOG), (FCX), (INTC), (IYT), (XLF), (SU), (YHOO); Terranova Owns Dollar Index Futures
Terranova is chief alternatives strategist at Phoenix Investment Partners;; Phoenix Investment Partners Ltd. Owns (RWX), (DBC), (DBV), (IGE), (AAI), (ALK), (AMR,) (APA), BP plc, British Airways plc, (CHK), (CVX), (COP), (CAL), (DAL), ENI SPA, (XOM), Gazprom, (HA), (HES), (HOC), (HSE), (JBLU), Lukoil, (MRO), (MUR), (OXY), Petrobras Intl Fin, Petro-Canada, (PBR), Petroleos De Venezuela, (QAN), (RJET), Royal Dutch Shell plc A Shares, (SKYW), (LUV,) (SU), (TSO), Texaco Capital, Total SA, (UAUA), (LCC), (VLO)