As of right now, the price of Brent Crude is $\$$111.59/bbl and the price of WTI Crude is $\$$98.36/bbl. I'm well aware that futures markets don't set the spot price for oil, but actual supply/demand does. And, that I don't have access to enough refinery/supplier data to figure out the supply/demand balance for WTI, or the supply/demand balance for Brent. However, common sense says this mismatch in price will eventually close.
Is anyone making any kind of bet on this situation? If so, could you share a general description of how you're controlling risk?
Edit (03/01/2011): For future reference, below is a graph of the spread: