Distillate in Depth – The Supply, Demand, and Price Picture

Distillate and Gasoline Relationships --Temporary or Fundamental Change?

•Unusual distillate and gasoline prices in 2005 – Not just a U.S. issue

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•Explore Europe/US light product supply/demand balance to illustrate market dynamics

–Europe’s product imbalance

–U.S. product imbalance

–How they fit together

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•Current distillate market and supply response


	SWe will now look at U.S. distillate supply for last fall through this fall and the prospects for the next few months and how that will leave us prepared (or possibly somewhat unprepared) for the coming winter.

	SOf course, a key aspect of this discussion will be the impacts of hurricanes Katrina and Rita on U.S. distillate supply and what distillate supply may be as we move into the winter fuels season.