Distillage watch

Diesel Fuel News, June 10, 2002

DISTILLATE WATCH

Key Distillate Prices ($/Gal)

June 6, 2002

                 Low Sulfar  High Sulfar

New York

Spot                   0.64         0.63
Rack No. 2             0.67         0.66
Rack No. 1             0.75          n/a

Houston

Spot                   0.62         0.61
Rack No. 2             0.63         0.62
Rack No. 1             0.74          n/a

Chicago

Spot                   0.65         0.64
Rack No. 2             0.69         0.72
Rack No. 1             0.74          n/a

Singapore

Spot                    n/a         0.66

Futures Markets

NYMEX (Jul)             n/a         0.63
IPE (Jun)               n/a         0.58

                       CARB      Federal

Los Angeles

Spot                   0.72         0.66
Rack                   0.74         0.67

                       ULSD   Low Sulfur

Rotterdam

Spot                   0.65         0.64

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.

[GRAPH OMITTED]