Distillate watch

Diesel Fuel News, June 23, 2003

DISTILLATE WATCH

Key Distillate Prices ($/Gal)

June 19, 2003

New York         Low Sulfur  High Sulfur

Spot                   0.74         0.73
Rack No. 2             0.80         0.77
Rack No. 1             1.12          n/a

Houston

Spot                   0.72         0.71
Rack No. 2             0.76         0.74
Rack No. 1             0.87          n/a

Chicago

Spot                   0.77         0.73
Rack No. 2             0.80         0.77
Rack No. 1             0.87          n/a

Singapore

Spot                    n/a         0.67

Futures Markets

NYMEX (Jul)             n/a         0.73
IPE (Jul)               n/a         0.69

Los Angeles            CARB      Federal

Spot                   0.80         0.81
Rack                   0.87         0.86

Rotterdam              ULSD   Low Sulfur

Spot                   0.76         0.75

Note: Sulfur levels in New York, Chicago, Houston are low-sulfur
distillate for 0.05 wt% and for high-sulfur 0.3 wt%. Both sulfur
levels are 0.05 wt% in Los Angeles. Sulfur levels in Rotterdam and
Singapore are 0.1 wt% and 0.3 wt% for low and high, respectively.