It seems the Oil market is a bit overcrowded here above the $80 level as prices soared up to new yearly highs in recent weeks with the bitter cold weather conditions in the US.  Crude oil has halted here at $83.50 and has been drifting lower the passed few days even as wti spreads strengthen with the feb/mar above -50 now.  the last time Crude rallied above $85 was back in early 2008 when the wti spreads flipped from cantago to backwardation and oil rallied to $147.  It doesn’t look like that is going to happen yet here with demand still somewhat on the weak side.  It will be interesting to see where these spreads go from here with the flat price unable to break the $83.50 level.