Crude's big bounce raises questions about energy stocks

Time to buy energy stocks?

With crude's rally powering the energy ETF XLE up 18 percent this year, will energy stocks see further gains?

"I'm of the view that we've actually seen the lows in crude, and that by mid-2017, these markets are in balance," Tim Seymour of Triogem Asset Management said Thursday on CNBC's "Power Lunch."

WTI crude closed at $48.22 on Thursday. Expectations that a decrease in supply will remove the global glut of oil have pushed prices higher.

Seymour said that in the short run, bigger energy names have grown more expensive in part because of their dividend yields.

Instead, Seymour prefers the refiners.

"I think Tesoro, beaten up, is more of a stock that can be more defensive," he said.

Boris Schlossberg, managing director of FX strategy at BK Asset Management, is not so bullish on oil prices.

"I think $50 (a barrel oil) is going to be a cap here," he said. "I think the Saudis are going to come flood the market, I think the frackers are going to come flood the market, so I don't see too much upside."

"The oil majors themselves are not going to, I think, suffer much further than they already have," added Schlossberg. "So I don't see a huge move further to the upside."

"I don't see oil going back down to the lows, but I don't see it going up much further than the levels we have here."