So far, institutional investors (IIs) have not noticed that Hess Corp.'s (NYSE: HES) upstream operations (exploration and production) should benefit from high oil prices in the $80 per barrel range. But the argument here is that eventually they will, preferably starting in early 2010, which is why I'm reiterating my Buy rating for the company, first recommended on April 22, 2009 at a price of $50.41.

Right now, IIs are fixated on the lower margins of downstream operations, which Hess and other refiners are coping with, as a result of recession-induced sluggish U.S. gasoline sales. The First Call FY2009/FY2010 EPS estimates for HES are $1.63 to $3.66.

Under the radar: Some trends are obvious enough and visible to all investors. Others are more-subtle, but are just as potent, and these often slip 'under the radar.'

Case in point: Saudi Arabia's oil exports to the United States have fallen to a 22-year low, at 745,000 barrels per day (bpd) in August, the latest month for which data is available, from 1.14 million bpd in July, according to data compiled by the U.S. Energy Information Agency. August's 745,000 bpd total is the lowest since December 1987. On a year-over-year basis (August 2008-August 2009), those exports are down about 50%.

Climate change isn't going to be free. A report by Point Carbon, an independent consulting company that tracks global carbon and energy markets, estimates that U.S. climate legislation could push the price at the pump 13 cents a gallon higher. The increase would result from the cost to oil companies for carbon permits, which they can pass along to consumers.

This is a much rosier view than that of the oil industry, however, which believes a U.S. cap-and-trade system would thrash demand for gasoline and lead to the shuttering of many refineries.

Oil giant Chevron Corp. (NYSE: CVX) will get its chance to impress Wall Street before the market opens Friday when it reports its third quarter results.

The last time the company reported earnings was back in July when it was unable to meet analyst estimates by posting 87 cents per share verse estimates for 95 cents. Traders seem optimistic that the company will meet expectations this time around and are driving the stock up 2.5% in today's trading.

The housing bubble and subsequent "Great Recession" have tarnished the stars of a good many of the world's financial wizards, such as the former heads at Lehman Bros. and Merrill Lynch. But one respected image remains -- perhaps unsurprisingly -- on top: Warren Buffett, chairman and CEO at Berkshire Hathaway Inc. (NYSE: BRK.A).

That's according to a recent quarterly poll of investors, traders, and analysts who subscribe to Bloomberg terminals, those somewhat cryptic news and data computers that are ubiquitous on Wall Street. Buffett, who received favorable nods from 25% of those participating in the poll, walked away with a plurality of the vote, Bloomberg News reported.

Whatever happened to those forecasts for $20-30 oil? Oil, which traded Friday at about $80 per barrel, is up more than 100% in the past 12 months, and the U.S./global economic recoveries have just started, which is why I'm reiterating my Buy rating for BP plc (NYSE: BP), first recommended on March 26, 2009 at a price of $41.72. If you bought BP then, you're up about 30%.

After a challenging 2009, look for BP to improve its fundamentals over the next 2-4 years, with continued, superior oil/natural gas reserve replacement, and restructured, more-efficient downstream operations. Revenue will total only about $220-$230 billion in FY2009, but will rebound to better than $300 billion in FY2010 -- and the latter assumes only a $55-65 per barrel oil price: crude will likely average a much higher price in 2010, assuming the global recovery does not stall.

Anadarko Petroleum (NYSE: APC - option chain) stock is trading lower today the company said a well off the coast of the Ivory Coast revealed no hydrocarbons. APC had drilled to a total depth of approximately 14,900 feet in about 6,100 feet of water. Even a lift in crude oil prices to another year high is not enough to keep APC from falling 5% on this news. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on APC.

This morning, APC opened at $65.58. So far today the stock has hit a high of $67.20 and a low of $64.85. As of 11:45, APC is trading at $65.62, down $3.74 (-5.4%). The chart for APC looks neutral and S&P gives APC a neutral 3 STARS (out of 5) hold ranking.

The U.S. dollar continued to decline today, and has helped push gold prices up sharply in today's action.

The dollar has been very weak lately, and as more concern mounts of the dollar's strength more investors are rushing into the precious metal, which traded up as high as $1,069.70 today, and is currently up $1.70 an ounce to $1,059.20.

Oil prices hit a 6 week high today, as cold weather gripped most of the country.

Over the weekend the nation was hit with a cold front that reminded oil traders that the high demand winter season is on its way, and could help reduce a lot of the oversupply that the market is currently looking at.

In August, the U.S. trade deficit showed an unexpected drop of 3.5%. This shrinks the deficit to a mere $30.7 billion – rather than the $33 billion economists expected. Oil prices surged, but the amount of shipments fell precipitously. The increase in exports suggests that the global economy is working its way out o the doghouse.

Exports of goods and services pushed 0.2% higher in August to $28.2 billion. This was the fourth consecutive month of increases. American farm products, cars and parts, industrial engines and telecommunications equipment sales all contributed to the small upward move.

Over the past year there has been talk of replacing the U.S. dollar for oil transactions. On Tuesday, Britain's The Independent newspaper reported that secret talks were being held with Russia, China, Japan, and France to replace the dollar with a basket of currencies.

You are probably wondering: "When will this happen?" and "Which currencies will be included in the basket? In answer to first question the changeover would take place over nine years. The currencies to be included in the basket include the Japanese yen, the Chinese yuan, the euro, gold and a new unified currency planned for nations in the Gulf Cooperation Council, including Saudi Arabia, the United Arab Emirates, Kuwait, and Qatar.

What this means is that oil will no longer priced in dollars.The article in The Independent claimed the U.S. is aware of the talks and is "sure to fight this international cabal."

Gold jumped to $1033 per ounce on Tuesday, hitting a record high. Oil rose $1 per barrel. The December dollar contract is at $76.53, down $0.305 (as of 8:11 EDT).

Why is gold moving up? A news story in The Independent, a British paper, reported that secret talks are underway to dump the dollar as the currency for oil transactions. Included in the talks were China, Russia, Japan and France. They want is to replace the U.S. dollar with a basket of currencies and gold.

Under the radar: Some trends are obvious enough and visible to all investors. Others are more-subtle, but are just as potent, and these often slip 'under the radar.'

Case in point: Russia's oil production rose by about 40,000 barrels per day (bpd) to 10.01 million bpd in September -- a new monthly record for the nation, Reuters reported Friday, citing Russian Energy Ministry data.

Oil prices have risen sharply today, despite news that oil inventories rose more than expected last week.

Traders pushed oil up $2.92 a barrel Tuesday to $69.63 even though oil inventories rose by 2.8 million barrels last week verse analyst estimates for a rise of 2.1 million barrels.

Oil prices dropped a bit today, as investors weigh news that consumer confidence took a hit in September.

Today's move was not a sizable one, but further evidence that investors are concerned over just how strong the current economic recovery really is. News came out today that consumer confidence is down in September as more Americans are concerned over the weak job market.