A lot of possibilities here in oil , but the ultimate trajectory long term is higher. Normally I'd say the best strategy is to simply buy the energy sector and hold it. It beats buying an that goes down in value because of contango, and it beats managing the market (rolling over oil contracts every month/or being in an illiquid forward month). But the energy sector has basically factored in the rise in oil , or at least it seems to have done, so the risk/reward benefit is just not there. I hope we can see oil trading in the low 30's again. Will be a great opportunity and things will be much clearer from a risk/reward point.