EOG Resources: Continue to Buy on Pullbacks

This past week seemed to be a bit of a snag for oil prices. Oil had been almost invulnerable from rhetoric used to slow increasing prices. We have OPEC saying speculators are the problem. We have our government stating we need more oil because we do not have enough supply. We even have some on Wall Street saying that it is the ETFs and investors buying up supplies to sell at a later date.

From what I am seeing, it seems quite simple. People will pay more to get into oil not because we cannot meet demand today, but what about next year or the year after? It is a simple premise, but one thing can crush the movement upward, and that is an announced move by OPEC to pump more, or anything that will lead investors to believe that they are in early.