Yesterday crude oil prices ripped through another ceiling as it closed above $70 a barrel in New York Trading. Part of this surge was due to the increasing concerns over Iran and the fears of possible massive supply disruptions.
It is widely estimated that crude oil could reach $80 a barrel in the short term, and along with the increase of crude oil comes the increase in the price of gasoline.
Drivers can expect to pay more at the pump this summer if the estimate is realized.
Companies to look at are New Orleans, Louisiana based Energy Partners Limited (NYSE: EPL), which closed at $27.09 on Monday, they are involved in exploration and production of oil and natural gas in the United States. With a 52 week high of $32.98, you may see it reach that mark again shortly. Two other companies to look at are Forest Oil Corp (NYSE: FST), which closed at $38.72 on Monday and has a 52-week high of $54.76 and Occidental Petroleum (NYSE: OXY) which closed at $101.25 on Monday, with a 52 week high of $101.41 this stock is set to create a new base and trade much higher in 2006.
Also you want to keep an eye on the metals as gold rises we see more of a bump in Silver related companies as we have stated in other segments of Wall Street to Main Street. So do your homework not only on gold companies such as Gold Corp (NYSE: GG) and Crystallex International Corp (AMEX: KRY), but also the silver plays such as Coeur d'Alene Mines Corporation (NYSE: CDE), Apex Silver Mines (AMEX: SIL),and Pan American Silver Corp (NASDAQ: PAAS) as silver hits new highs due to increased global demand.,
(Excerpt from Wall Street to Main Street April 18, 2006)
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