After last month, many funds got wiped out after the Brent-WTI spread collapsed from about $20 back to $14 in the span of days following the mid-June market swoon, the subsequent unprecedented rally driven purely by the ISM's inventory build up (which was massacred when last week's NFP confirmed aspirations about the end of the soft patch were proven to be simply naive if not outright moronic) has once again sent crude traders, who had now recalibrated their models to expect a spread in the mid-teens, upchucking (and in many cases negotiating margin calls with their prime brokers) after it just hit a fresh all time wide of $22.14, a nearly 100% move in just two weeks. The last time the max pain trade hit it caused such industry titans as John Arnold's Centaurus to gate, and do everything in their power to not lose LPs. What happens after the last two days move, will be seen shortly. Expect another spike in crude (and commodity) vol when the next big player throws in the towel. And if Citi's Ed Morse is right and Brent-WTI really does hit $40, the devastation in the commodity space will be unprecedented.