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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Imai, Rika </O=ENRON/OU=NA/CN=RECIPIENTS/CN=RIMAI< X-To: Sturm, Fletcher J. </O=ENRON/OU=NA/CN=RECIPIENTS/CN=Fsturm< X-cc: X-bcc: X-Folder: \ExMerge - Sturm, Fletcher J.\Inbox X-Origin: STURM-F X-FileName: fletcher sturm 6-26-02.PST -----Original Message----- From: webmaster@cera.com [mailto:webmaster@cera.com] Sent: Wednesday, January 16, 2002 10:14 PM To: clients@cera.com Subject: Atlantic Basin Distillate Margins Pressured by Weak Demand, Ample Stocks - CERA Alert Title: Atlantic Basin Distillate Market Update URL(s): http://www.cera.com/eprofile?u=35&;m=2932; *********************************************************************** 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 ***************************************************************************************** CERAWeek2002 - February 11-15, 2002 - 21st Annual Executive Conference and Related Events REGISTER ONLINE TODAY AT: http://www.cera.com/ceraweek ** Two- and Four-day Passes Available ** Special Enrollment Programs ** Partnership Opportunities ** CERAWeek Online Premium Access ***************************************************************************************** To make changes to your cera.com profile go to: http://www.cera.com/client/updateaccount Forgot your username and password? Go to: http://www.cera.com/client/forgot This electronic message and attachments, if any, contain information from Cambridge Energy Research Associates, Inc. (CERA) which is confidential and may be privileged. Unauthorized disclosure, copying, distribution or use of the contents of this message or any attachments, in whole or in part, is strictly prohibited. Terms of Use: http://www.cera.com/tos Questions/Comments: webmaster@cera.com Copyright 2001. Cambridge Energy Research Associates
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