NEW YORK (TheStreet) -- It will take a lot more than this week's bump up in energy prices to entice Cumberland Advisors' David Kotok to load up on oil and gas companies. 

Kotok, who serves as chairman and chief investment officer at Cumberland, remains at maximum underweight in the energy sector.  It's rare for Cumberland to be so bearish on one particular sector, but Kotok believes there is still downside risk to oil prices.

"The risks of supply expansion are large, and that says to me if you bottom fish here you may succeed, but you may be a lot better off waiting," said Kotok. "We don't see demand rising in the oil patch in the United States. We still don't see the ability of the US to export, and we do see the rest of the world in a supply glut." 

While Kotok doesn't hold any energy stocks or exchange-traded funds, he does see some opportunity in select master limited partnerships that are tied to rising volume. (He avoids MLPs that are tied to the price of oil.) The MLPs he favors include Magellan Midstream Partners (MMP) - Get Report, Spectra Energy Partners (SEP)  and Holly Energy Partners (HFC) - Get Report.

Additionally, Kotok told TheStreet that he would consider buying the First Trust ISE Revere Natural Gas ETF (FCG) - Get Report.  "If I see natural gas leveling out, even as oil prices are going down, that would rise on the radar."

Kotok also holds the iShares Dow Jones Transportation Average ETF (IYT) - Get Report as a way to play low oil prices.