On CNBC's "Fast Money," Melissa Lee started the program by mentioning the "there was a jump in crude oil today as a result of the Hurricane Gustav." Many investors are speculating the hurricane will hit the Gulf Coast. Lee asked the panelist whether this move is sustainable.
Guy Adami said he was not sure if the move was sustainable but instead mentioned about how traders can take advantage of Exxon Mobil XOM. He said "every time Exxon Mobil goes to $78-$79, it becomes a value play." He said to sell it as it goes to $82-$83 and to buy back again if it drops to the $78-$79 range.
Jon Najarian said the "the durable goods numbers was fantastic, which is why the market was up nicely."
The Chart of the Day showed natural gas vs. crude oil
Joe Terranova said "it is all about supply and all about investment" that is moving crude oil and natural gas. He said this is why the chart shows how crude oil has held up nicely compared with natural gas.
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