After oil's slide continued Monday, "Fast Money" traders debated whether energy companies would see relief any time soon.
U.S. crude futures settled nearly 6 percent lower on the day at $31.62 a barrel. The commodity's price has fallen nearly 18 percent this year, but trader Guy Adami believes it could slide even more.
He pointed to the CBOE Crude Oil Volatility Index, which spiked nearly 8 percent on Monday and has increased 43 percent this year. The index measures market expectations for crude oil volatility.
"The OVX still suggests there's further pain to the downside," he said.