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We're not chasing this oil rally: Strategist

There's a big question mark around the magnitude of the oil rally continuing into spring, despite momentum behind rising U.S. crude prices, a strategist told CNBC on Monday.

"I still think there's some fundamental issues that will pose problems for this rally to continue, and I really think there's a fear of missing out," Chris Kettenmann, chief energy strategist at Macro Risk Advisors, said on "Power Lunch."

Oil prices surged more than 6 percent Monday amid reports of falling U.S. shale output and talk of communication between OPEC and noncartel countries.

But even if supplies fall for crude, refined petroleum products like gasoline are likely to keep having a glut, Kettenmann said. And much of the market's hope is contingent on Iran's cooperation in talks — something Kettenmann thinks is ultimately unlikely.

While it might be natural to think that oil prices will affect the renewable energy sector, he said that category has been doubling down on its productivity for a while to compete with natural gas and coal.

"We think it's set up for a nice attractive entry point," Kettenmann said.