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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: webmaster@cera.com@ENRON X-To: clients@cera.com X-cc: X-bcc: X-Folder: \SHARRIS1 (Non-Privileged)\Harris, Steven\Deleted Items X-Origin: Harris-S X-FileName: SHARRIS1 (Non-Privileged).pst Title: Quarterly Refined Products Watch: After the Shock--Uncertain Prospects for Recovery URL(s): http://www.cera.com/eprofile?u=35&;m=2820; *********************************************************************** SHARPLY WEAKER DEMAND AND GROWING STOCKS TO DAMPEN REFINING MARGINS Spot refining margins are likely to experience sustained weakness for the balance of 2001 and into 2002, under the influence of * weakening refined product demand resulting from the global economic slowdown, significant cutbacks in airline flight schedules, and the outlook for much lower North American natural gas prices this winter * the likelihood of growing crude oil and product stocks as OPEC confronts the growing challenging of continuing to manage the market in the face of rapidly slowing demand and growing non-OPEC productive capacity The only significant upside risk to margins in the near term lies in events-- possibly linked to new terrorist attacks or the ongoing military campaign--that could disrupt the oil supply chain. **end** Follow above URL for complete report (53 printed pages). E-mail Category: Watch CERA Knowledge Area(s): Global Oil *********************************************************************** ************************************************************************************** CERAWeek February 11-15, 2002 - http://www.cera.com/ceraweek SPECIAL OFFER: Register on-line before November 30th, and a 2-Day Pass will be upgraded to a 4-Day Pass (maximum $1,800 value). Day 1: Global Oil/Refined Products; Day 2: Natural Gas/Global Energy; Day 3 & 4: Electric Power ************************************************************************************** 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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