The scramble to secure oil supplies now and into the future has contributed to the sharp increase in the price of oil on both the spot market and for future delivery.

FORBES: How to Stop the Spike In the Price of Gasoline

It might be too early to call a serious slowdown in the Chinese recovery as the latest data may have been affected by the Lunar New Year, a period that is often associated with a sharp increase in the price of food and other goods, which occurred in January in 2012 and February in 2013.

WSJ: Nikkei Rises on Weaker Yen

In this scenario the trader is happy to pocket the rich premium available on the options given the length of time to expiration and increase in implied volatility on top of the sharp rise in the price of the underlying.

FORBES: Bullish Options Speculators Step Into Emulex, Amkor, American Eagle

In the fall of 2005, Hurricane Katrica also caused a sharp drop in gasoline stocks, leading to an atypical fall price increase.

FORBES: Why Spring Means Higher Gasoline Prices

"Rising imports of oil and gas into OECD regions and developing Asia, together with the growing concentration of production in a small number of countries, would increase our susceptibility to supply disruptions and sharp price hikes, " Tanaka said.

CNN: Report urges fuel revolution