[video] Quick Take: What No One Is Saying About Oil
NEW YORK (TheStreet) -- Crude oil prices have been gyrating, based on what the likelihood of U.S. military intervention in Syria that varies from day to day.
Alan Harry, CEO of Spartan Commodity Partners, told TheStreet's Joe Deaux that there is about $5 a barrel of war premium baked into the price of crude oil.
Still, that's lower than the historical $10-to-$20 per barrel of war premium that typically is priced in during times like these, he said.
Of course, the situation could just be different, but Harry added that it feel as if oil wants to trade down to $102 or $100 a barrel -- which will probably happen if there is no military action in Syria.He added that he believes gasoline and oil reserves will be released if there is a strike on Syria and if the price of crude oil shoots sharply higher. So how do you play? For Harry, he isn't -- yet. He concluded that if crude oil prices get above $108.76, then he'll buy the breakout and if they fall below $105.63, he'll short the breakdown.
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