Water is set to replace oil as the commodity to watch, as soaring global demand and scarce supplies bring home the value of this most basic resource to investors, a director at an asset manager told CNBC Thursday.

"You're going to see with the growing population, the greater need for water; it's the one thing we can’t do without," Ian Morley, Director at DDQ, said.

The momentum in buying commodities and selling financial stocks has made many funds a lot of money this year, but most investors have missed the investment opportunity in water altogether, according to Morley.

"This is the type of commodity that is going to be particularly strategic going forward … from an investor's point of view this has got to be a long term and a very balanced play in the markets," he said.

That leads to our Fast Money Reader Poll. Do you agree with Morley that water will be the commodity to watch in the future?

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