NEW YORK (TheStreet) -- Heading into Thanksgiving Day, all eyes are on the turkey feast -- unless you're an oil trader. OPEC will hold its meeting on Thursday, deciding whether to cut production to boost oil prices. On Wednesday, crude oil fell 0.82% in anticipation there will be no production cut.
"I don't think there will be a cut," Brian Kelly, founder of Brian Kelly Capital, said on CNBC's "Fast Money." He is short the Energy Select Sector SPDR ETF (XLE) and the SPDR Oil & Gas Exploration & Production ETF (XOP) , with expectations for West Texas Intermediate to decline to $70 per barrel.
Tim Seymour, managing partner of Triogem Asset Management, disagreed. The recent decline is a short-term buying opportunity because the energy sector is oversold. He is a buyer of the Market Vectors Oil Services ETF (OIH) .
Oil producers will be in trouble if OPEC does cut production and crude prices continue to fall in response, according to Jon Najarian, co-founder of optionmonster.com and trademonster.com.
The energy companies with strong balance sheets should be able to weather lower oil prices, said Guy Adami, managing director of stockmonster.com. It's impressive that the S&P 500 continues to make new all-time highs given the continued selling pressure in oil.
If OPEC cuts production by 500,000 barrels, it will temporarily boost oil prices, said Andy Lipow, president of Lipow Oil Associates. But if that's the announcement released on Thursday, investors should sell oil, which he agreed is likely headed to $70 per barrel. He likes transport stocks including FedEx (FDX) , United Parcel Service (UPS) and J.B. Hunt Transport Services (JBHT) as well as the airline stocks.
Shares of Seadrill (SDRL) slid some 23% after the company suspended its dividend. However, Adami says investors can buy the stock given its low forward valuation. He also likes JetBlue Airways (JBLU) , which still has upside.