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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: webmaster@cera.com X-To: vkamins@enron.com X-cc: X-bcc: X-Folder: \Vincent_Kaminski_Jun2001_6\Notes Folders\All documents X-Origin: Kaminski-V X-FileName: vkamins.nsf ********************************************************************** CERA Watch: Sent Tue, December 12, 2000 ********************************************************************** Title: Atlantic Basin Markets Precariously Balanced for Winter Author: Refined Products Team E-Mail Category: Watch Product Line: Refined Products , URL: http://www.cera.com/client/rp/wch/121200_19/rp_wch_121200_19_ab.html ********************************************************* A psychology of shortage--driven by short-term fundamentals and amplified by political events affecting the crude oil market--has dominated refined products markets for much of 2000. But does this signal a fundamental shift in the business environment for the refining industry? Probably not, since the margin strength of this year has been the result of the declining inventories and steeply backwardated futures prices that have been a feature of crude oil and refined products markets through most of 1999 and 2000. Global refining capacity continues to outpace demand with notable additions to effective capacity in Asia, the Middle East, and Africa in store for 2001. As a result, CERA's outlook is for moderating refining margins as the year progresses. **end** Follow URL for PDF version of Full Report. ********************************************************* Come Shoot the Rapids with us at CERAWeek2001, "Shooting the Rapids: Strategies and Risks for the Energy Future" in Houston, February 12-16, 2001! For more information and to register, please visit http://www.cera.com/ceraweek/ ********************************************************* ********************************************************************** 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.html Questions/Comments: webmaster@cera.com Copyright 2000. Cambridge Energy Research Associates
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