Good morning and welcome to another edition of our early morning linkfest.  Tell us what you think.

Oil refiners are benefiting from the wide spread between WTI and Brent.  (WSJ)

Remember that transportation divergence we noted.  False alarm.  (Dynamic Hedge)

The implications of the failure of Denmark’s ‘Armageddon Bank.’  (FT Alphaville)

The hedge fund world is becoming more rational.  (Dealbook)

Quants have a tendency to take a good idea and make it more complex.  (Falkenblog)

A recap of the “Battle of the Quants” conference.  (All About Alpha)

Ken Jennings on why he lost to ‘Waton’ on Jeopardy.  (Slate)

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