There was a good article on FT-Alphaville today regarding both the WTI-Brent spread as well as the change in the shape of the forward curves - WTI is backwardated for the first time since 2008. http://ftalphaville.ft.com/blog/2011/10/25/711066/wti-is-no-longer-a-burden-to-passive-investors/ It will be interesting to see if funds that play the "Goldman roll" get caught out.
I thought there was a change in fundamentals, with new satellite photos showing a significant reduced excess inventory at Cushing. The article above didn't mention that at all... interesting.