Which ever side you’re on, investors can go long/short oil with the Energy Select Sector SPDR (XLE) and Oil Services HOLDRs (OIH) exchange-traded funds.

The bullish side: Commodity cycles are prone to severe market corrections. Investors should realize that the surging global demand & the geopolitical tensions are here to stay. Moreover, you can be sure there will be winter storms/hurricanes, which disrupt electricity grids, oil and gas production & agriculture too.

The bearish side: "The world has only consumed about 18% of its conventional potential," Abdallah S. Jummah, president and CEO of state-owned Saudi Arabian Oil Co., Aramco for short, told an audience of oil ministers and petroleum executives at the OPEC conference in Vienna.