…where dislocations, portfolio rate of change and the potential for binary value recognition on longer dated assets all offer meaningful upside, without the need to accept lower portfolio quality or b/sheet risk. Research Focus.... Energy Weekly Back in 1Q16 we warned that an oil recovery would not be a linear event and projected a pullback in WTI prices to $39/bbl in 3Q16 on seasonal demand weakness (see Look out for W in WTI). Heading into the winter, we…