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If you’re involved in the energy sector, chances are you’re keeping a close eye on the decline in crudeoil .
With prices down more than 8% in only two weeks, investors are trying to determine when the selling pressure will finally ebb.Top energy trader Dan Dicker of MercBloc tells us he expects oil to find support around $90.
Dicker says it seems that over the past few years summer has been weak for oil due to the same reasons it’s weak this year -- troubles in Europe and concerns about China.And Dicker thinks a trend will start to emerge. The 2011 low in oil was higher than the 2010 low. And he thinks in 2012 the low in oil will be higher than it was last year.“I’m looking for $88 - $90,” Dicker says. “If oil trades down to those levels, I’m a buyer of higher beta E&P stocks,” he says.Trader Joe Terranova says much the same. “I also think oil’s getting close to a bottom,” he tells us after the broadcast. “I think it’s about to get attractive. Not now, but soon.”
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