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Sorry, but the oil rout isn't over yet: Analyst

Tom DiChristopher
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Sorry, but the oil rout isn't over yet: Analyst

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Despite the 15 percent jump in oil since Thursday, U.S. crude (New York Mercantile Exchange: @CL.1) is not in for a sharp bounce upward, Stewart Glickman of S&P Capital IQ told CNBC on Tuesday.

The energy equity analyst noted in a "Squawk on the Street" interview that the forecast from S&P Capital IQ sister company Bentek Energy for 2015 puts the average price of West Texas Intermediate at $51 per barrel.

"We're basically sitting on that today, so I think people may have a hope, that in 2009 we had this really, really strong v-shaped recovery, so why can't we have that now?" he said.

"I think they're buying up oil on the basis that it's going to be a quick crisis, the equivalent of the 24-hour flu, and I don't think it's going to be like that this time."

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Glickman said the picture is largely negative to neutral across oil industry segments, with the only exception being players in the midstream, which includes oil transportation and storage companies.

S&P Capital IQ has a "strong buy" on exploration and production firm EOG Resources (EOG). "It's a pure play E&P, but in our opinion, best of breed in the industry with some of the best cost metrics around and [it is] one of the earliest movers into the U.S. shale."

While shale producers' prolific growth and the subsequent increase in supplies accounts for falling oil prices, EOG performs better than most of its peers, he said.

In the oilfield services segment, Glickman likes Schlumberger (SLB) for its international focus and relatively low exposure to U.S. drillers relative to its peers.

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Oil prices rose about 11 percent during the past two sessions as Baker Hughes (BHI) reported a steep week-over-week decline in active oil rigs and traders took profits from short positions.

Crude continued to move higher on Tuesday after BP (London Stock Exchange: BP.-GB) announced it would cut its capital expenditures budget by 13 percent to $20 billion, following a number of oil majors in slashing spending.

Stifel Nicolaus would go neutral on oil for allocations at this point, portfolio manager Chad Morganlander told "Squawk on the Street." He expects supply issues to normalize in the next three to six months and said the firm would be a buyer if oil fell to $45.

Stifel puts the downside to oil prices at $40 to $45 per barrel, he said.

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"For value investors who are looking for seams of opportunity, we would then go and look towards companies that perhaps are well-capitalized within the oil and gas complex," Morganlander said.

Stifel Nicolaus has raised its rating on a number of energy companies, including Anadarko Petroleum (APC), Concho Resources (CXO), and EOG Resources.