New Document

Make a new document, anysize doesn't matter. Now press "D" on your keyboard to reset the foreground and background colors to black and white. Make sure your background is WHITE.

Apply Filter Clouds

Make a new layer and pply Filter>Render>Clouds. Then apply select the background layer and apply Filter>Render>Difference Clouds.

Apply Filter - Chrome

On the bottom background layer still, we now want to apply Filter>Sketch>Chrome with 10 and 10 settings.

Apply Filter - Plastic Wrap

Select the top layer again. Apply Filter>Artistic>Plastic Wrap with these settings:

Now change the layers blending mode to Color Burn.

Hue Settings

Now select the top layer and press CNTRL+U. Time to add some color to our graphic.
Top Layer Hue Settings:

Bottom Layer Hue Settings:

Apply Filter - Ripple

Select the bottom layer and go to Filter>Distort>Ripple and set the ripple to Medium at 305%.

Apply Filter - Polar Coordinates

Select the top layer and go to Filter>Distort>Polar Coordinates and set that to Polar to Rectangular. This will give the gas a cool mist effect to it.

Now your done, play around to get your final image looking better by adding some decorations.