Oil Futures at Yearly High

 

Six-year and one-year oil futures jumped to new levels for 2002 this past week (see Chart).  One-year natural gas also gained.  We believe there is opportunity in the volatility of oil and gas prices that seems to keep investors out of attractive equity investments.  There is still more upside than downside in our view that justifies a strong commitment to energy in diversified investment portfolios.

August 19, 2002; Meter Reader: Oil at 2002 High