Power Play: Bracing for $20 a barrel oil

An oil pump jack in Gonzales, Texas.
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Crude is hovering near $60 a barrel, near its highs this year, but this upward trend may not last.

Jack Ablin, chief investment officer at BMO Private Bank, tells CNBC's "Power Lunch" on Thursday oil could plummet to $20 a barrel. He cites the move of crude over the last 10 years with the impact of fracking and other technical changes in the industry.

"Crude oil has broken down after making a series of lower highs since reaching nearly $150 per barrel. Historically, crude traded at parity with natural gas on a btu output basis," Ablin said.

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Now, Ablin believes oil and natural gas is pretty interchangeable, especially when it comes to transportation. "What used to hold true for oil is not true anymore. OPEC held prices high for too long," Ablin said.

WTI and Brent were up one percent during trading.