|SEven before the hurricanes hit this fall, we
were seeing some very unusual distillate prices, which raises the question of
what was happening to distillate markets that was different this year. Then the hurricanes hit, affecting supply
severely in the short term.
|SThis presentation will provide background on
distillate supply and demand, and then will focus on what has happened since
Katrina and Rita and how the loss of U.S. refining production capability may
impact the winter fuels situation.