Title: Atlantic Basin Distillate Market Update
URL(s):

http://www.cera.com/eprofile?u=35&m=2932;


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ATLANTIC BASIN DISTILLATE MARGINS PRESSURED BY WEAK DEMAND AND AMPLE STOCKS

In stark contrast to last winter's exceptional strength, spot distillate-to-
crude price differentials in Atlantic Basin markets are likely to stay weak:

Demand is down relative to a year ago, resulting from declining air travel,
mild temperatures in North America, and much lower North American natural gas
prices.

* Inventory levels are comfortable, with primary inventories in the United
States and consumer stocks in Germany particularly high.

* Market psychology is preoccupied with the weak economy and downside risks,
whereas a year ago a psychology of shortage prevailed in energy markets.


**end**

Follow above URL for complete CERA Alert (3 printed pages).

E-mail Category: Alert
CERA Knowledge Area(s): Global Oil



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