We may be in a foot race between a blow off top in oil prices and a repeat of the 2008 market collapse. The reason there is the disparity between Brent and WTC, is that West Texas Crude has position limits placed on it. Brent North Sea does not. With this consideration, at what point does the strain on world financial markets in their diminished fiscal credibility trigger a collapse in total oil demand to which Oil Sands as at the margin high cost oil, collapse again?

At the minimum such portends risk for the undercapitalized oil sands participants. At the maximum a death experience. Very risky markets!

Brian

at the minimum this portends a risk in the price consideration for all petroleum sources