15 ways to play lower oil and more

With crude oil prices hitting multiyear lows on Tuesday, refinery stocks offered the best promise in the energy sector, Stuart Frankel's Steve Grasso said.

"If it's a demand problem, then it's a bad sign for stocks. But it was a lot worse when oil was trading at $110 barrel," he said.

West Texas Intermediate crude settled at a three-year low of $77.19 per barrel, down $1.59. Brent crude dipped to $82.82, its lowest level since October 2010.

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On CNBC's "Fast Money," Grasso said that Goldman Sachs' call for $75 oil "was not exactly cutting edge."

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"They've been wrong on directionality before," he said. "They're probably wrong again, but I think you're in for a little bit of a roller coaster here, and you have to be smart where you play. Refiners, No. 1 spot to play: Tesoro, Valero and the service names."

Grasso added that companies fracking on the oil side were preferable to the more competitive natural gas producers.

Brian Kelly of Brian Kelly Capital said that the direction of oil prices appeared clear.

"I'm short XLP, XLE … and I still think you stay short those," he said. "Whether it's a supply or demand issue, it doesn't matter. Oil seems to be going lower. When you look at the oil curve, it's telling you there's plenty of supply out there. The demand just isn't there."

Kelly's advice: "Stay short."

On a technical basis, he added, "I would say, at around $70 in WTI, there is some support there."

Karen Finerman of Metropolitan Capital Advisors noted that some of the fundamentals for services companies were "horrific."

With a thin margin on gasoline, CST was a company that made it up on its quick-mart side.

"When people save at the pump, they spend half of that savings in the convenience store, where the margins are 30-plus percent," Finerman said.

Dan Nathan of RiskRevesal.com said oil's trouble was likely a combination of demand and supply problems, adding that it has traded within a tight range over the past five or six years.

"I know that it's just come in pretty dramatically in a short period of time, but I'm looking at a chart here from 2011. It's really been between $120 and $80," he said. "Now we're at the low end of it. And I just remember back in 2008 when crude oil went from $140 down to $30. It wasn't a tax break, people. It was a real demand issue. …

"I think the continuation of the horrible price action is going to flow over to other risk assets. I don't know when."