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In fact, oil's fast decline surprised Kilduff, who just last month predicted oil to hit the low $50s this quarter.
Kilduff chalked it up to the "one-two" punch of increasing supplies and shaky demand, which he said has essentially become a "syndrome" now.
That's keeping investors out of the oil market at a time when they are typically trying to get exposure to commodities, he noted.
"The Saudis by far and away are going to be the last people standing in this. The implosion is going to be the U.S. frackers, [and] the Canadian guys are going to get ruined," Kilduff said.
Read MoreOil sector faces 'Hunger Games'
He expects the U.S. will "probably lose another 200 more of our own rigs over the course of the next month or two."
The U.S. gas and oil rig count dropped to 1,811 as of Monday, down 29 from the previous week but still up by 60 from a year ago, according to oil services firm Baker Hughes.