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Options Action: BP

Energy investors cheered the US government’s decision to issue its first deepwater drilling permit since the BP catastrophe.

So why does Scott Nations of NationShares suggest using options to put on a bearish trade?

Get all the details. Watch the video now!





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Trader disclosure: On March 1, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL); Seymour owns (BAC); Seymour owns (F); Seymour owns (GE); Seymour's firm owns (TTM); Seymour's firm is short (FCX); Seymour's firm is short (POT); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Adami's wife works for (MRK); Terranova owns (VRTS); Terranova owns (C); Terranova owns (UPL); Terranova owns (ABT); Terranova owns (MS); Terranova owns (PBR); Terranova owns (BAX); Terranova owns (TEVA); Terranova owns (CVI); Terranova owns (RSX); Terranova owns (SU); Terranova owns (CNQ); Pete Najarian owns (AKS) call spreads; Pete Najarian owns (CNI); Pete Najarian owns (DAL) calls; Pete Najarian owns (DOW) calls; Pete Najarian owns (SA); Pete Najarian owns (GG) call spreads; Pete Najarian owns (TEVA); Pete Najarian owns (PFE); Pete Najarian owns (TCK); Pete Najarian owns (C); Pete Najarian owns (BAC) calls; Pete Najarian owns (F) calls; Pete Najarian owns (GE); Pete Najarian owns (JPM) call spreads; Pete Najarian owns (MS); Pete Najarian owns (MU) calls; Weiss owns (BTU); Weiss owns (AAPL); Weiss owns (FAS); Weiss owns (MEE); Weiss owns (JPM); Weiss owns (HBAN); Weiss owns (VZ); Weiss owns (QCOM); Weiss owns (AGU); Weiss is short (X); Weiss owns S&P puts

Comcast Is The Parent Company Of CNBC
Comcast Is The Parent Company Of NBCUniversal
GE Owns 49% Of NBCUniversal
GE Owns 49% Of CNBC

For Joe Terranova
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (NCRI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (DOM)

For Robert Mackenzie
FBR Capital Markets Is A Market Maker Or Liquidity Provier For (ESV)
FBR Capital Markets Is A Market Maker Or Liquidity Provier For (RIG)
MacKenzie Or A Member Of His Household Owns (RIG)

For Mary Ann Bartels
Bartels has no disclosures on S&P 500, oil, silver

For Scott Nations
Nations has no disclosures in (BP)
Nations owns (SPY)

For Barry Ritholtz
Clients of Ritholtz's firm own (CBOE)
Clients of Ritholtz's firm own (HSY)
Clients of Ritholtz's firm own (DELL)

CNBC.com with wires.