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Many energy investors think there's a powerful force working against them in the market. Investor T. Boone Pickens thinks they're right, but the problem isn't what they think.
Pickens says that the big issue in the energy market isn't or the; he says it's supply and he also says domestic drillers are to blame.
In other words, the abundance of oil that's now accessible in North America because of improved technology has generated a supply imbalance. However, Pickens does not expect that dynamic to last; ultimately he expects markets to balance out, with drillers reducing supply.
"Of course nobody wants to be the first to blink," Pickens added. "But, when the domestic drillers start feeling real pain (from low prices), they will blink."
In fact, Pickens thinks the dynamics are shifting, already. Not only does he anticipate a reduction in domestic supply but he said markets are moving into a bullish time of year. "November and December are good months," he said. Therefore, Pickens believes supply will decrease, at a time when demand increases.
Given the potential catalysts, Pickens isn't looking for oil to sit at historic lows for long. "I can see this lasting through year end. But in the first quarter of next year I think we hit the low and then I expect prices to recover."