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'Fast Money' Recap: Digging Into Oil Prices

NEW YORK (TheStreet) -- Stocks rebounded on Wednesday following the Federal Reserve minutes. The S&P 500 climbed 0.46%. 

On CNBC's "Fast Money" TV show, the trading panel took a look at oil prices. 

Brian Kelly, founder of Brian Kelly Capital, said WTI crude prices look poised to go lower because there is a lot of supply. He is short crude oil and reasoned that perhaps the economy is not as strong as investors had assumed, meaning demand will be lower too. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, says energy stocks should continue to the upside since not all of them are dependent on oil prices. Stocks like Canadian Pacific Railway (CP) and Union Pacific (UNP) continue to do well. 

Jon Najarian, co-founder of optionmonster.com and trademonster.com, reasoned that energy stocks should continue to do well. He even suggested that the U.S. could become a bigger exporter -- pending regulatory approval -- since Western Europe will have less supply coming from Russia. 

Dan Nathan, co-founder and editor of riskreversal.com, said that despite falling gas price, U.S. consumers still appear to be "strapped" on spending.

Andy Lipow, president of Lipow Oil Associates, said WTI crude oil could break below $100 soon, and below $95 if Iranian oil production comes back online. There has not been a supply disruption from Iraq but if there is one in the future, WTI crude prices will increase. He argued that world oil demand appears to be increasing. 

Kelly, along with selling short crude oil, is a buyer of Schlumberger (SLB), Frontline (FRO) and Trinity Industries (TRN)

Pete Najarian sees "plenty of upside" in ConocoPhillips (COP) and Devon Energy (DVN).

Nathan said he wouldn't buy United Continental Holdings (UAL) at current levels. He added that airline stocks will suffer if the U.S. economy slows. 

Pete Najarian said JetBlue Airways (JBLU) could continue higher and UAL could start to catch up to the rest of its peers, as it has been lagging for quite some time. Jon Najarian said JBLU could be a merger candidate. 

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