Oil's been flirting with prices below the $30 range recently, raising questions about a possible bottom, but is this just the beginning of a wild ride?
Oil's in for a long slog; conditions will get "incredibly ugly" for fundamentals in the next 90 days, Tom Kloza, Oil Price Information Services' global head of energy analysis, said to "Closing Bell" on Thursday.
"Too much oil is coming to [the] market, refineries are just starting to get into the middle innings of their maintenance season — and that means less demand," Kloza explained.
While an oversupplied market and refinery maintenance season is no news for market watchers, the impending doom doesn't end there. The consumer's upside of low oil prices, gasoline, is about to take a hit, according to Kloza. The OPIS founder forecasts that gasoline prices are pumping up this spring.