Be Bullish.

WSJ: Crude, Heating Oil, Gas All End at Record Highs.

Quotes:

Buyers also found inspiration in global demand. China imported 1.66 million tons of diesel from January through March, the General Administration of Customs reported Tuesday, a sevenfold increase from the 230,000 tons imported in the same period last year.


Yahoo Tech Ticker: High Oil Prices? You Ain't Seen Nothing Yet.

Yahoo Tech Ticker: 6 Ways to Profit from 'Peak Oil'.

Quotes:

Earlier, Charles Maxwell, senior energy analyst at Weeden & Co., made the case that "peak oil" theory is real and inevitable, and that $300 oil is coming in the next decade. While a frightening prospect with major societal implications, it's also one with significant potential for profit.

When investing in energy for the long run, it's best to avoid the major oil companies like Exxon Mobil, Chevron, and ConocoPhillips, Maxwell says. There's a reason these firms are cutting back on exploration even as oil prices and demand are rising: Facing both geological and geopolitical obstacles, they cannot find reserves big enough to move the production needle.

Instead, Maxwell recommends a basket of companies with "long-lived reserves," including Brazil's Petrobras and Canadian tar sands plays such as Encana and Canadian Natural Resources. Unlike the majors, these firms will be able to maintain and even increase production into the next decade, and thus able to take advantage of the expected sharp rise in oil prices.

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Technically, he recommends PBR, LUKOY, SU, ECA, CNQ, NXY in the above video.