Even during the worst market swings Dennis Gartman keeps his cool. But he's hot under the collar about this.
Published reports suggest that the White House has "dusted off" plans for potentially tapping the Strategic Petroleum Reserve (SPR).
Although market rumor suggested the move may be political -- an effort to keep prices at the pump under control into the election -- a source with knowledge of the discussions said a release would be intended to prevent rising energy prices from undermining sanctions against Iran.
But esteemed commodities trader Dennis Gartman doesn't care about politics - he cares about profits - and he says tapping the SPR could have an unexpected consequence.
Because the SPR was only intended to be used in emergency situations if the administration releases reserves in the current market environment, Gartman doesn't think it will have the same impact.
"Yes, in the very near term oil prices (New York Mercantile Exchange: CLCV1) will fall, he says, but we're not in a distressed market as would be the case after an attack or natural disaster. There's no serious issue.
"Therefore, the market will quickly come to expect the oil to be repurchased and replaced. And if a big buyer steps into the market in the form of the US government, speculators could drive oil to new highs."
The executive director of the International Energy Agency, Maria van der Hoeven seems to share Gartman's perspective. "There is no reason for a release," she said.
The IEA "bases our actions on data and reality. The market is sufficiently supplied," she told reporters after a speech in Houston.
"If the objective is giving people relief, this isn't the way to do it," says Gartman. "It will only make matter worse. I really hope they think about that."
Posted by CNBC's Lee Brodie
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CNBC.com with wires.
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