Conclusion

• Distillate stocks likely to be low going into winter

• Prices likely to average as high as last winter even without volatility

• Residential customers will need to purchase more fuel this winter if weather is normal

• Same price times higher volumes equals higher bills this winter than last

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• In conclusion – The U.S. may be starting winter with low stocks in all the heating fuel sectors.

• Low stocks translate to an increased potential for price volatility.

• Consumers may be paying more this coming winter than they did last year -- mainly because colder weather will increase the volumes they will burn.