Bullish Bets on Gasoline Reach Four-Year High

The latest surge in gasoline prices at the pump, something we detailed last week (read: here), could begin to impact the Biden administration's reelection outlook unless the White House unleashes market interventions to arrest surging prices and prevent the national average cost of gas from breaching the critical level of $4/gallon.  Let's begin with hedge fund positioning: These traders have pushed their bullish bets on gasoline futures in New York to the highest level in four years. New data from the Commodities Futures Trading Commission…