Just when you thought it was safe to go all-in on energy stocks, credit, and commodities because, well, what could go wrong; crude’s collapse in the last few days (amid record long speculators) has smashed Energy credit markets and sent high-yield bond prices cratering.

WTI Crude collapsed to a $48 handle at its lows today…

Sending yields on Energy bonds to 3 month highs (and prices tumbling)

And the result for high yields bonds is the year’s gains evaporated in 5 days…

Amid massive fund outflows…