Slide 3 of 18
Notes:
- The rest of the talk will discuss how we got where we are today and what we expect this winter.
- I will focus on two drivers behind prices: the crude oil prices and the spread between spot/wholesale distillate prices and crude oil. This spread is a function of the balance between demand and fresh supply (production and net imports).
- Finally I will discuss the current forecast for distillate prices this winter.
