Crude oil’s newest bull, Dennis Gartman, still likes what he sees in the oil market and says in his latest edition of The Gartman Letter that he may soon begin aggressively putting his money where his mouth is when it comes to the stocks of oil majors.

Just last week, Gartman became bullish on oil when his observation of oil market contango convinced him that the “informed money” has abandoned the bearish case for oil.

OPEC Dissent

So far, OPEC has stubbornly refused to consider dialing back crude oil production because they do not want to run the risk of losing market share to U.S. shale producers, most of which have higher production cost that OPEC does.

However, as prices have plummeted to 6.5-year lows, Algeria and Iran have publicly stated their desire for an emergency OPEC meeting. At this point, the Saudis remain convinced that no meeting is needed prior to the scheduled December meeting.

Bullish API Numbers

The latest American Petroleum Institute (API) oil inventories number was…

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