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A synthetic shortage in oil supply could cause the commodity to reach $110 a barrel by spring, said Daniel Dicker, an independent oil trader.
Refiners have been forced to pay higher prices for oil, and with low demand, they haven't been able to pass the expense off onto consumers, Dicker told CNBC. They've had to shut down refineries to combat these low margins, which will result in a shortage in supply when demand picks up.
"When oil goes up everybody thinks that the oil companies are making a fortune," he said. "This is a moment where some of the oil companies are getting hammered."
Dicker said he thinks the CME Group [CME
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Dicker Likes:
Valero [VLO
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Tesoro [TSO
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Sunoco [SUN
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Schlumberger [SLB
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Disclosures:
Disclosure information was not available for Dicker.
Data is a real-time snapshot *Data is delayed at least 15 minutes