John Tierney of the NYT's TierneyLab blog may have found a perfect bet.
Since I’ve made a $5,000 bet that oil prices won’t hit $200 per barrel in 2010, I’m glad to see a prophet who doesn’t the share the current angst over rising energy prices. In an article in Foreign Policy, the journalist Vijay Vaitheeswaran debunks predictions that oil prices will keep soaring....Hedge the bet with a single 1000 barrel contract. $81.50 last print.
(Versus $94.25 for the near month. That's backwardation kids.)
Here's the chart for the Dec. '09 futures.