Dennis Gartman Wants To Own Tanker Stocks

Speaking on CNBC's Fast Money, Dennis Gartman said that he is interested in buying the tanker stocks. He explained that this is a bet on carrying charge and not on crude oil.

Crude oil is currently trading in contango and Gartman thinks that it is a good trade to buy crude oil and sell a back month expiration contract. The trader needs to buy storage facility until the expiration and tankers are now a pretty popular solution.

Gartman believes that the weakness in crude oil is bullish for the U.S. and China. He would buy the U.S. equity stocks if the Dow Jones trades another 200 points lower.