Oil bulls appear ready to dig their hooves into the ground and charge following the latest price weakness in the commodity. This all bodes well for oil investors—long-term holders and short-term traders alike.

“The oil market is facing an unprecedented crisis as COVID-19 causes demand destruction and OPEC+ has proven powerless to stop oil prices from crashing,” wrote Dr. Cyril Widdershoven in an Oilprice.com article. “But behind what seems like an endless flow of bearish news, a new bull market is already forming.”

“CAPEX and OPEX cuts by nearly every oil and gas company on earth, forced by plummeting revenues, low demand, and brimming oil storage tanks, are the first step in what will likely become a roaring rebound in oil prices,” he added. “Taking the devil’s advocate position, one could argue that the main long-term support factor for oil and gas prices is the current crisis. As global oil and gas majors, independents and NOCs announced major cuts and austerity measures, some bullish investors are already looking into the future.”

For broad exposure to oil, investors can go with the iShares U.S. Oil & Gas Exploration & Production ETF (IEO). The fund seeks to track the investment results of the Dow Jones U.S. Select Oil Exploration & Production Index composed of U.S. equities in the oil and gas exploration and production sector.

IEO generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. The underlying index measures the performance of the oil exploration and production sector of the U.S. equity market.

Short-term traders betting on more price increases can look to ETFs like the United States 3x Oil (NYSEArca: USOU) and the Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares (NYSEArca: GUSH).

OILK seeks to provide total return through actively managed exposure to the West Texas Intermediate crude oil futures markets. The fund’s strategy seeks to outperform certain index-based strategies by actively managing the rolling of WTI crude oil futures contracts.

The fund generally will not invest directly in WTI crude oil futures. The advisor expects to gain exposure to these investments by investing a portion of its assets in the ProShares Cayman Crude Oil Strategy Portfolio, a wholly-owned subsidiary of the fund organized under the laws of the Cayman Islands.

For more market trends, visit ETF Trends.