Distillate and Gasoline Relationships --Temporary or Fundamental Change?
•Unusual distillate and gasoline prices in 2005 – Not just a U.S. issue
•
•Explore Europe/US light product supply/demand balance to illustrate market dynamics
–Europe’s product imbalance
–U.S. product imbalance
–How they fit together
•
•Current distillate market and supply response
•
SThe presentation will begin with a brief overview of the unusual distillate and gasoline prices seen in 2005 before the effects of the hurricanes.  The unusual prices consumers experienced were not limited to the United States.

SEurope is a key player in Atlantic Basin petroleum markets, and in order to understand what is happening to U.S. gasoline and distillate prices, we need to look at how these two regions interact.

SThe last portion of the presentation will focus on the near term affects of Katrina and Rita and discuss some major uncertainties that have arisen for the upcoming winter heating oil season as a result.