WTI vs. Brent arb seems to be reverting starting today

Today I started leaning heavily on the reversion trade.  Long Mar CL, short Mar COIL.  Also short Dec CL, short Dec COIL as a way to hedge against the chance that WTI SHOULD be cheaper than Brent long-term (which I doubt, but it reduces my risk greatly).  In addition, I'm no longer short long-dated WTIs against short VIX futures.

Also, the VIX index is now between the price of Feb and Mar VIX futures as I write this, so I'm long Feb VIX and short Mar VIX futures.

Volatility arb still ripe

As discussed earlier at Uptrending Equity: Volatility arb, volatility futures are still trading at a steep contango.  Since the monthly incremental contango in the VIX futures term structure is almost just as steep going forward several months, rather than tapering off less steeply as you go deeper into the term structure (which would be more normal and expected), I reached out to short the Jan VIX futures and bought Nov SPY puts with IVs of 16% to hedge, rather than shorting VXX, which is currently holding mostly Nov VIX futures.  I'll roll the puts over once we approach expiration more so that I'm not bleeding too much time value.