4 More ETFs For $100 Oil

Oil futures are down today, no surprise given that traders are back to focusing on Europe's sovereign debt woes. That said, crude's recent run has been nothing short of stellar, especially when considering the curve ball thrown at riskier assets by Europe. Making a list of stocks or ETFs with which to profit from $100 (or higher) oil isn't all that difficult, but investors might do well to take a look at some options beyond the usual fare. After all, there is simply no guarantee to that an ETF like the Energy Select Sector SPDR

is a lock to run higher just because oil is at $100 a barrel. Consider the following ETFs for more obscure, yet potent ways for exploiting oil's new bull run. SPDR S&P Russia ETF

: We recently took a look at the SPDR S&P Russia ETF, calling it “the other Russia ETF.” That it is. There are two other Russia-specific ETFs on the market focusing on Russian large caps. Including RBL, all three are heavy on energy names. However, RBL is REALLY heavy on energy stocks. Nearly 56% of the fund's weight is devoted to the energy sector. Keep in mind that since Russia isn't an OPEC member, it will keep pumping oil no matter how high the price gets and China will keep buying Russian crude. Oh yeah, Russia is the world's largest oil producer. Looking at the chart, a move above $32 is needed for RBL to be in break out mode. Global X Norway ETF

: For those looking to somewhat escape the volatility of an emerging markets oil-producing country, try developed markets play with the Global X Norway ETF. Energy names, led by Statoil

, account for over 39% of the ETF's weight. Something to consider: Statoil announced two major discoveries in the Nordic part of the North Sea this summer, indicating that production there isn't dwindling as fast as some had previously expected. United States 12 Month Oil Fund

: USL holds a larger basket of futures contracts than the U.S. Oil Fund

, so this is a more cost-effective way of accessing the oil futures market. USL has moved up in almost straight-line fashion since October, but if it finds support at $43 in a pullback, that will be a very bullish sign. PowerShares Dynamic Oil & Gas Services Portfolio

: High oil prices encourage more exploration and production. More exploration and production means increased need for oil services. That's good news for companies like National Oilwell Varco

, Baker Hughes

, Schlumberger

and Halliburton

. That quartet represents almost 20% of PXK's weight. Bull case: Obviously, oil prices need to remain high by historical standards and demand needs to overcome concerns about those high prices. Bear case: Major economies like the U.S. and China sour causing slack demand for oil. If oil prices fell by a startling amount, PXJ would be hurt as E&P firms cut back expenditures though is not a likely scenario.