Dicker on 2016 Oil Prices - A Repeat of 2015 - Mostly Horrible

The outlook for oil prices in the coming year could look a lot like it did in 2015, mostly horrible. TheStreet's energy expert and Real Money Contributor Dan Dicker said the long period of low oil prices in his book, 'Shale Boom, Shale' Bust and commented there that he did not believe there was any chance of a constructive increase in oil until at least the latter part of 2016. Dicker confirms that opinion today, saying that the recent bankruptcies of U.S. oil producers Quicksilver Resources and Magnum Hunter Resources has not brought the concurrent end of their oil pumping. This means that oil prices will stay 'lower for longer' - the watchword in energy today. Still, Dicker thinks that hedge funds are all short oil and technicals have made a short covering rally all too likely early in 2016. But, when a rally like this materializes will only be a good opportunity for shorting some U.S. producers that won't likely survive 2016.