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Traders Shrug Off False Saudi Oil Pipeline Report
01 Mar 2012 EST - CNBC.com
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Word of a Saudi oil pipeline explosion — later discredited — spooked investors, but the “Fast Money” traders on Thursday weren’t concerned that the pricing effect would last.

Trader Joe Terranova called the rumor’s timing “interesting.”

“It comes out when the electronic session is relatively light. The sellers have basically stepped to the sidelines. It’s very easy to move it higher,” he said. “I wonder if we’ll ever get to the bottom of it.”

Brent crude briefly spiked to $128.40 per barrel, while WTI hit $108.82 before retreating.

Meanwhile, the S&P 500 closed at 1,374.09, up 0.6 percent.

Tim Seymour of EmergingMoney.com said that the pipeline explosion report — which a Saudi official later called false — probably didn’t concern many people because it purportedly took place outside of an actual trouble area such as Libya, Sudan on Iran.

“The reality is that the world cannot hold on to $130 oil and be OK,” he said.

To trader Brian Kelly , the lack of panic was telling.

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