Distillate Watch

Diesel Fuel News, Nov 25, 2002

DISTILLATE WATCH

Key Distillate Prices ($/Gal) November 22, 2002

                 Low Sulfur  High Sulfur

New York

Spot                   0.78         0.78
Rack No. 2             0.81         0.79
Rack No. 1             0.87          n/a

Houston

Spot                   0.74         0.73
Rack No. 2             0.75         0.74
Rack No. 1             0.86          n/a

Chicago

Spot                   0.83         0.82
Rack No. 2             0.88         0.88
Rack No. 1             0.98          n/a

Singapore

Spot                    n/a         0.70

Futures Markets

NYMEX (Dec)             n/a         0.77
IPE (Dec)               n/a         0.70

Los Angeles            CARB      Federal

Spot                   0.78         0.77
Rack                   0.80          n/a

Rotterdam              ULSD   Low Sulfur

Spot                   0.80         0.72

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]