The June Bubble Map shows crude oil prices continuing the upward trend from last month. WTI is up $4 since our last post at $63 per barrel on June 25th. The WTI/Brent differential has tightened to $3 over WTI. The Bakken discount has widened to $14 under WTI. The Western Canadian Select discount has also increased to $10 under WTI. On the Gulf Coast, crude oil from the shale formations in Texas like Eagle Ford were priced at parity with WTI and Louisiana Light Sweet was $2 under WTI. On the West Coast, the Alaskan North Slope price is at parity with WTI and the San Joaquin Valley Heavy discount has increased to $4 under WTI.

The effects of the May 19th Refugio oil spill in Santa Barbara will continue to reverberate for years to come. While many beaches in the area have reopened since the spill, there is no timeline for cleaning the last eight miles of shore near Refugio State Beach.