The price of West Texas Intermediate (WTI) closed at a discount of $3.09 to Brent on June 19, 2015. The gap is the lowest in five months, when the spread narrowed to $2.76 at the closing of January 21.

WTI prices have greatly stabilized in recent months as production has plateaued. Rig counts fell by only two this week, according to Baker Hughes, raising hopes that the operating rig trough is either here or extremely close. WTI spot prices in May 2015 featured the shortest range since November 2013, and the range for June 2015 to date is $4....

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