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5 ways to play oil's steep decline

A new year has brought no relief for oil's downward spiral. U.S. crude has slid 15 percent in 2015 and sits near six-year lows.

Oil may have even more room to trip up, and betting on the commodity to stay sluggish or go even lower was among the plays CNBC "Fast Money" traders said they would make at current prices.

Pumpjacks pump petroleum from the ground.
Getty Images
Pumpjacks pump petroleum from the ground.

Investors looking for an short amid oil's rout have a variety of options, trader Brian Kelly said. Canadian Pacific, which could "break down," and Greenbrier would make solid shorts, Kelly argued.

"Those are your trades if you want to short this play, if you think oil's going lower or staying at this levels for long periods of time," Kelly said.

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He advised against shorting CSX, which is not a "proxy" for oil.

CSX fell to just over $33 per share on Tuesday. The company, which reported revenue that beat expectations on Tuesday, is not as exposed to oil as many other energy stocks because much of its revenue comes from coal.

Read MoreOil's new normal is lower for longer: Goldman

"I think right now makes a good entry point, but if it fails yesterday's low, that's where you bail," trader Steve Grasso said.

Grasso noted that U.S. crude could potentially hit $38 a barrel, while trader Dan Nathan said oil would hit a bottom after a "massive, massive capitulation."