Quote

Aden Forecast "oil will remain in high demand and in a major rise by staying above $70.50"

ReportEnergy
Date06/08/2010
Loaded Date06/10/2010
TitleOil and Resources: Still Bullish
Quote"When it first happened, few realized how serious the Gulf oil spill would become. The news continues to worsen. First it was the quantity involved, but now oil is expected to keep pouring into the Gulf well into the summer.

This is huge and we don't yet know what all of the repercussions will be. A higher oil price will likely be one effect, especially considering that oil fuel consumption is at a 16-month high

CRUDE OIL: Trend is up

OIL ON AN UP PATH

The Gulf of Mexico accounts for 90% of U.S. offshore oil reserves. Of this, BP produced about one fourth of all oil and gas in Federal waters. Experts say this will dramatically reshape the energy markets. But currently, oil will remain in high demand and in a major rise by staying above $70.50.

As for the other resources, they're still under downward pressure but the major trends generally are up. They're also very oversold, so continue to hold your resource and energy positions."