ClipperData's Matt Smith, who forecast oil prices would fall to $40 a barrel back in June, now says crude could drop even further.
Smith made his June call just after crude futures hit 2016 highs above $50. Last week, they fell as much as 20 percent from those peaks. On Monday U.S. crude briefly dipped below $40 a barrel, while internationally traded Brent crude traded below $43.
"I see it going lower from here," Smith told CNBC's "Squawk Box." "We have this glut here in the U.S. not only in crude but for products, as well. We're actually at record inventories for the two of those."
Stockpiles of refined products are brimming after demand proved insufficient to absorb all the gasoline that refiners churned out while crude prices were low.
Now, demand for crude is depressed as the market works through those record stocks of gasoline, just as the U.S. summer driving season winds down and refiners prepare to shut down facilities for fall maintenance.
The impact is showing up in the national average for a gallon of gasoline, which is sitting at $2.13, compared with $2.66 at this time last year.