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Bracing for New Records for Oil and Gas
CNBC.com | February 24, 2012 | 09:34 PM EST

It is the hot topic from the gas pump to Washington to the trading pits at the New York Mercantile Exchange: Will rising tensions with Iran push energy prices back above 2008 record levels this spring? Fund managers are apparently betting that they will.

“There has never been more money bet on a higher price outcome for gasoline futures than what was recorded this week,” says Tom Kloza, chief oil analyst with Oil Price Info Services, referring to data released Friday afternoon by the Commodity Futures Trading Commission.

The latest commitment of traders report out Friday afternoon, showed what Kloza called a massive “long bias” when it came to gasoline futures investments, and oil futures and options betting prices will rise.

“The buying bias in crude oil is growing at a rate that invokes comparisons with previous energy bubbles,” Kloza said.

Like the 2008 Super Spike but Different

This week’s surge in oil and gasoline futures is drawing similarities to the massive oil spike that resulted in record prices four years ago, when Nymex oil futures prices peaked at $147 a barrel, and the national average for retail gasoline hit an all-time high of $4.11 a gallon.

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