I will stay clear of all oil related companies as I think that low oil prices are here to stay. As there are now more oil producers, the power of the cartel has been curtailed and they know it and acted accordingly. No cartel will release their hold on an industry if they do not need to do so.
Contango — A situation where the futures price of a commodity is above the expected future spot price. Contango refers to a situation where the future spot price is below the current price, and people are willing to pay more for a commodity at some point in the future than the actual expected price of the commodity. This may be due to people's desire to pay a premium to have the commodity in the future rather than paying the costs of storage and carry costs of buying the commodity today.