|SThe distillate market continues to show signs of
interesting changes taking place. The
dilemma is to try to understand what may be behind the changes we are seeing.
|SWe are dealing with a market where diesel fuel oil has just
gone through a major specification change – both in Europe and the United
|SBut even before the move to ultra-low-sulfur diesel (ULSD),
the market was indicating a tightening that might be tied more to the strong
growth in demand for this fuel relative to gasoline demand growth.