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Slide 5 of 27

Distillate Stocks

This slide shows the average U.S. distillate stock pattern -- building in the summer and fall, then being drawn down through the winter and early spring.

Warm weather last winter resulted in high end-of-season distillate stocks. We had a stock draw during December 97, January 98 and February 98 of about 12.7 million barrels. The prior 5-year average draw for that period is 32.4 million barrels, or 2.5 times what actually occurred. (In other words, the draw was only about 40% of normal.)

Preliminary end of September stock data indicate we are at a 12-year high for the beginning of the heating season -- the last time stocks were this high was in 1986.