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“Nonsense! The argument is illogical, it’s ill-founded and wrong.”Gartman tells us despite the region's woes, there’s no way prices could double. “There's just too great a supply of oil in the world. Also there are so many new ways to get oil and the prospects of nat gas are so dynamic,” a spike of that magnitude is almost out of the question.“Sure Brent could go to $115,” he admits. “But it wouldn’t last.” Unless current events devolve into a massive geo-political circumstance (like a war) Gartman says, “oil trades about where it is or lower – not higher.Now that’s not to say oil’s current rally will stop dead in its tracks – that’s not the point. “Oh sure, oil could have another $2-$3 dollars to go,” Gartman admits, but that’s it.
Posted by CNBC's Lee Brodie
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