Dan Dicker: Spread Between Brent and WTI 'Ridiculous'

Independent oil trader Dan Dicker thinks the spread between Brent crude and WTI could hit $35, a sum he calls “entirely ridiculous.”

“It’s impossible for these two grades of crude to have gotten this far apart unless something really financially broken is affecting both markets,” Dicker said. “In fact, that’s what’s been happening.”

Brent is becoming a safe haven trade and has been finding a correlation with gold to a much larger degree than anything oil-related should, he said.

“Global growth is terrible, demand is going down, everything should point to a crude price going lower and yet it’s really sticky up here,” Dicker added. “So you have to look at something else that’s affecting the prices and that to me seems to be very much the safe haven trade.”

To take advantage of Brent’s pricing, Dicker suggests playing E&P companies like Apache , Anadarko Petroleum , Chesapeake Energy, SandRidge Energy, EOGResources and Cabot Oil & Gas .

“If Brent stays sticky at $115, these guys will absolutely mint money over the next two quarters,” he said.

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