After hitting $24.79 on December 13, 2012, the WTI-Brent price differential tightened to $8.35 on April 2013.

Many traders bet the spread would narrow in 2011/2012. Movement in the spread has been volatile since 2010 when the price started to increase and topped at $29.59 on september 2011.

Now, the spread is less volatile, so the first market reaction on fundamental news from the U.S. and WTI storage is passed.
It is obvious, the probability to see a new record is very small but the spread can still reach $20.

The trading strategy is very simple. This is to bet that the spread will narrow in 2014/2015.