Oil prices have sold off meaningfully from their recent highs. Brent and WTI crude oil lost $4.51/bbl and $4.89/bbl, respectively, from $91.17/bbl and $86.91/bbl (see Exhibit 1) at the time of writing. Exhibit 1: Oil prices corrected sharply from their peaks $/bbl: {chart} It wasn’t just oil flat prices that came under pressure. Time-spreads in both Brent and WTI are also sharply off their highs. For example, the 6-month Brent time-spread (June-December) is down to $3.59/bbl at the time of writing, after trading as high as $5.61/bbl just two weeks ago (see Exhibit 2). Oil time-spreads tend to reflect physical ... (full story)