WE'RE IN AN OIL BUBBLE: "this is the riskiest time to be long in crude oil since 1980"

REASON - via M SIMON, (hat tip Evil Glenn):

Whenever you begin to hear market gurus decree that "this time it's different," as we did during the dot-com bubble and the housing bubble, that's a sure sign of danger in the market.

... since September 2003, the total number of open crude oil futures and options contracts rose by 364 percent.

Meanwhile the global demand for petroleum rose by just 8.2 percent.

"So the futures and options market has become more important than the physical supplies in driving the price," concludes Evans.

"We are seeing investment flows into the oil market that don't have anything to do with the demand and supply of oil."

The bubble will burst soon, too - sooner than you think...