Fast Money Traders Are Looking At The Energy Sector (SU, IOC)

CNBC's Fast Money Joe Terranova said on the show today that he believes that crude oil will continue to decline because of the big inventories and the fact that hedge fund managers are trying to diversify their positions and move out of oil into natural gas. Despite that he doesn't recommend investors to go short on oil.

Gary Kaminsky also sees a potential in energy sector and he recommends Suncor Energy Inc. (USA)(FREE stock trend analysis) (NYSE: SU)(FREE stock trend analysis). He says that Suncor (SU)(FREE stock trend analysis) has high valuations but he likes it as he thinks it has a good position for acquisitions.

Guy Adami likes InterOil Corporation (USA)(FREE stock trend analysis) (NYSE: IOC)(FREE stock trend analysis), another stock with high valuations. Adami thinks it has a strong momentum and sets its price target at $80. He recommended this stock when it was at lower levels and believes that there still might be time for a buy.