---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 07/19/2000 
06:48 PM ---------------------------


webmaster@cera.com on 07/14/2000 10:21:29 PM
To: vince.j.kaminski@enron.com
cc:  
Subject: Monthly Briefing: Refined Products Line - CERA Alert




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CERA Alert: Sent Fri, July 14, 2000
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Title: Monthly Briefing: Refined Products Line
Author: Refined Products Team
E-Mail Category: Alert
Product Line: Refined Products ,
URL: http://www.cera.com/cfm/track/eprofile.cfm?u=5166&m=1273 ,

Although demand currently lags last year's level, gasoline margins remain 
exceptionally strong owing in large part to the tight supply situation; 
gasoline price differentials gained $0.46 per barrel during June, rising to 
$8.58 per barrel over WTI. Distillate market fundamentals remain very strong 
and CERA expects margins to continue strengthening through the third quarter. 
High natural gas prices have raised the ceiling on low-sulfur residual fuel 
prices, so that 1% sulfur residual fuel differentials below WTI have narrowed 
from the $7.00)$8.00 per barrel range of the first quarter to $4.18 per 
barrel during June.

**end**

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