Energy exploration and production companies, he added, "are really forced to do some hedging here where they haven't before just to survive the next three quarters because if oil prices stay down here for the next six months to a year, if they do, they won't live."
Dicker, author of "Oil's Endless Bid," also said that highly leveraged companies, such as those focused on the Eagle Ford and Bakken shale oil fields, were particularly at risk.
"They simply cannot service the debt with prices that are hovering in the low $80s, and they're going to start to go broke," he said. "So, if you were worried that production from shale was going to be the reason that oil stays low, watch what happens if these prices stay here for several months. There's going to be a decrease in production almost immediately in several of these marginal players."
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Dicker said those hurt by falling oil prices are exiting the trade. "And for a trader, that's a good sign if you think that oil prices are ultimately headed higher."
However, it was premature to call the bottom, he added.