Tell me more ×  I believe that one of the most compelling case
of long-term trade is the long position on oil. Fundamentally,
it seems quite clear that demands is going to grow in the future
as emerging markets start using more and more energy, whereas
supply is likely to be limited as the resource are vanishing or
at least are more expensive to extract.  I am aware that the oil
prices are fluctuating a lot and that now might not be a good
time to enter the trade, but my question is more abstract.
Assume that oil reaches a price that can be considered
interesting to get in. I assume I want to make a long-term
trade, i.e. over 5 to 10 years. I can see essentially 3
possibilities:    1. Buy physical oil and store it   2. Buy oil
futures and carry it   3. Buy oil firms' stocks  The first
alternative is costly and requires quite an infrastructure for
storage. The seconds will suffer from the contango situation and
the cost of rolling. The third one suffers from the equity risk
of the underlying firms which is not