As oil prices slipped Friday, commodities trader Dan Dicker saw opportunity in oil-services plays.

“Transocean is all about the legal battle that’s going to go on in Louisiana toward the end of February,” the president of MercBloc said on “Fast Money.”

As fallout from the BPoil spill in the Gulf of Mexico heads to court and a settlement appears imminent, Dicker said the market appears to show support for the issue being resolved Transocean’s favor.

Dicker named Schlumberger his top pick. He said the company reported third-quarter earnings comparable to the rest of the sector, which “really, really underperformed compared to the oil price” — to the tune of about 30 percent lower over the past six months.

“The stocks have a long way to catch up to what have been very sticky oil price, in spite of today’s action,” he said.

Light crude slipped 2 percent to $98.51 per barrel. Brent crude declined 1.23 percent to $110.18.

Other names Dicker liked include Baker Hughes and Helmerich & Payne.

Trader J.J. Kinahan picked Valero.

“They’ve done very well,” he said. “I think there’s a lot of momentum there.”

Steve Grasso of Stuart Frankel said he bought shares in Weatherford, a company looking to increase margins internationally and away from North American exposure.

Two potential headwinds could become factors: Libya production coming back online and Iran’s veiled threats to close the Strait of Hormuz.

“Weatherford can still move up, even with crude moving up,” he said.

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• US Natural Gas Prices at 10-Year Low as Warm Weather Weakens Demand   
• Dan Dicker: Crude Oil ‘Has More to Drop’  
  

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Trader disclosure: On Jan 19, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Grasso owns ASTM; Grasso owns AVAV; Grasso owns BA; Grasso owns D; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns WFT; Grasso owns XLU; Dicker is long SLB; Dicker is long BHI; Dicker is long HP; Kinahan is long C; Kinahan is short GS; Kinahan is long XLU; Kinahan is lng CSCO; Kinahan is short YHOO puts; Kinahan is long MSFT; Karabell is long AAPL; Karabell is long IBM; Karabell is long GOOG

For Steve Grasso
Stuart Frankel & Co and it’s partners own CSCO

Stuart Frankel & Co and it’s partners own CUBA

Stuart Frankel & Co and it’s partners own GERN

Stuart Frankel & Co and it’s partners own HPQ

Stuart Frankel & Co and it’s partners own HSPO

Stuart Frankel & Co and it’s partners own MU

Stuart Frankel & Co and it’s partners own NYX

Stuart Frankel & Co and it’s partners own PRST

Stuart Frankel & Co and it’s partners own WFT

Stuart Frankel & Co and it’s partners own XRX

For Zach Karabell
RiverTwice is short XLF

RiverTwice is short CF

For Ken Sena
The analysts and associates responsible for preparing this report receive compensation based on various factors, including the firm’s total revenues, a portion of which is generated by investment banking transactions. Evercore Group L.L.C. (“Evercore”) seeks to update our research as appropriate, but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst’s judgment.

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For Rebecca Patterson
No disclosures

For Jeff Kilburg
Kilburg is long TLT

For Ed Maguire
CLSA and/or Credit Agricole Securities (USA) Inc and/or the analysts involved in the preparation of this report have reason to know that an affiliate of Credit Agricole Securities (USA) Inc and/or CLSA received compensation from Microsoft Corp for non-investment banking products/services in the past 12 months.

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