Despite the two-day rally in oil, the volatility will continue over the next month or two, with the lows likely coming sometime in September or October, the former president of Shell Oil said Friday.
However, "in the November, December period, we're going to see a different dynamic set in as we have much more difficulty keeping up the supply," John Hofmeister, now founder and CEO of Citizens for Affordable Energy, said in an interview with CNBC's "Closing Bell."
That's because, as one producer told him, the real downturn in the U.S. is not being felt yet but will be soon.
U.S. crude futures closed $2.66, or 6.25 percent, higher at $45.22 per barrel Friday. Oil saw its biggest one-day bounce since 2009 on Thursday, with North Sea Brent and U.S. light crude rising more than 10 percent.
U.S. oil rigs rose by one from last week to 675, according to Baker Hughes data. They still remain down 900 from last year.