Heating Oil OutlookConclusion

• Distillate stocks are likely to be higher than last year, but still relatively low

• Prices likely to average a little lower than last winter given current crude oil price forecast

• Residential customers should be able to purchase less fuel this winter, even if weather is normal

• Lower price times lower volumes equals lower bills this winter than the high ones from last year

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In conclusion:

Distillate stocks are likely to enter this winter higher than last year, but still relatively low.

Distillate fuel prices are likely to average a little lower than last winter given the current crude oil price forecast.

Residential customers should be able to purchase less fuel this winter, even if weather is normal.

Lower price times lower volumes equals lower bills this winter than the high ones from last year.