By Margo D. Beller Special to CNBC

NEW YORK (CNBC) -- Two analysts told CNBC the best way to winterize a stock portfolio is to buy shares of coal or oil companies rather than buying the commodities directly.

The heating oil market is "very, very volatile," said Raymond Carbone, president of Paramount Options. "The market is not where I think the average consumer or investor would like to get into this sector."

Heating oil has become a "proxy for diesel fuel" and as a result other influences are in the heating oil market. "So I would say to consumers, if you could lock in your prices it's a good thing to do. This way you know your costs."
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Investors should "buy refining stocks, which will go up as refining margins increase, which is what they've been doing," Carbone said. "So you have a bit of exposure to the refining trade." He did not name specific companies.

Some of the major refining companies in the industry include Valero Energy ( VLO - Get Report), Tesoro ( TSO), Frontier Oil ( FTO), and Western Refining ( WNR).

Alan Knuckman, chief trading advisor at, recommended Arch Coal ( ACI) and Alpha Natural Resources ( ANR) for investors who want to warm their portfolios with coal rather than buying the commodity directly.

"You could scoop these up for your long-term portfolio," he said. "If you can afford to hold for the long term, as energy gets going again, as we get some economic growth instead of concerns about slowing growth, energy is going to come back into play."

-- Written by Margo D. Beller, Special to CNBC

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