Futures market speculators are a favorite scapegoat for politicians looking to assign blame for rising oil and energy prices. But data released on Friday by the Commodities Futures Trading Commission (CFTC) backs up what I’ve been saying for a long time: Futures market speculation is not the main driver of oil prices over the longer term. Read More

This year no commodity has frustrated investors more than natural gas. Although natural gas prices recently hit a seven-year low on the spot market, the action in longer-dated futures and gas-related stocks suggests that a marked improvement is around the corner. Read More

The depressed crude oil prices at the end of 2008 and early 2009 were the real aberration--not the current quote. Those depressed prices reflected unusually weak near-term fundamentals and historic imbalances in the futures curve. Much of the subsequent rally has simply been an unwinding of those imbalances. Read More

Historically, the best time to buy oil-services stocks is a few months before industry fundamentals trough; I believe that golden opportunity will present itself over the next few weeks. Read More

Far too many investors ignore the role that improving credit markets have played in the recent rallies in stock and commodities markets. Read More

Crude oil is far and away the most widely watched energy commodity. Although many investors focus on every price change in the crude oil market, they ignore the fact that coal mining stocks have actually outperformed oil-related names in recent months. But prospective investors seeking exposure to the coal industry should remember that selectivity is the key to success. I also correct the rampant misconceptions about natural gas prices, explain why I expect gas prices to double over the next 12 months and highlight my top picks in this area. Read More

Consumer and producer behavior from 2004 through mid-2008 is not consistent with artificially high oil prices. The speculation argument has little basis in reality. The real cause of rising prices is unusually strong demand growth coupled with sluggish supply response despite record spending. Read More

Although crude could still retest its July lows, economic stabilization in the US combined with resurgent growth in emerging markets is bullish for energy commodities and related stocks through year-end. In the near term, the stock market will be focused on second-quarter earnings. In today's issue I take a detailed look at earnings releases from three companies that have broader implications for energy-related investments. Read More