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Stock #5: Chesapeake Energy (CHK)

At the start of the year, the one sure thing that I felt strongly about was the oil sector.

Having crashed from the peak of $150 per barrel, crude prices had fallen significantly below the stated goal price of OPEC. That fact alone triggered production cuts that have helped support oil prices. Speculation regarding the recovery of the global economy is also helping push oil prices higher.

When I put together the list of Top 10 Stocks for 2009, I wanted to weight the portfolio to this critical commodity. Sure enough, oil prices have indeed recovered to above $50 per barrel. As a result, oil stocks, including natural gas company Chesapeake Energy (CHK), are performing very well this year.

CHK is up over 5% in the first quarter. For the remainder of the year, I expect oil prices to slowly rise to $70 per barrel. As such, CHK should continue to outperform the rest of the market and lead the Top 10 Stocks for 2009 higher.

NEXT: Stock #6: Tesoro Petroleum (TSO)