Distillate watch

Diesel Fuel News, Jan 20, 2003

DISTILLATE WATCH

Key Distillate Prices ($/Gal)

January 14, 2003

New York         Low Sulfur  High Sulfur

Spot                   0.90         0.90
Rack No. 2             0.93         0.92
Rack No. 1             1.00          n/a
Houston
Spot                   0.88         0.87
Rack No. 2             0.88         0.87
Rack No. 1             0.99          n/a
Chicago
Spot                   0.84         0.84
Rack No. 2             0.86         0.85
Rack No. 1             0.96          n/a
Singapore
Spot                    n/a         0.78
Futures Markets
NYMEX (Feb)             n/a         0.90
IPE (Feb)               n/a         0.81
Los Angeles            CARB      Federal
Spot                   0.86         0.84
Rack                   0.88          n/a
Rotterdam              ULSD   Low Sulfur
Spot                   0.89         0.91

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.