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					REUTERS

                    UNITED STATES: GROSS REFINING MARGINS TO GASOLINE AND DISTILLATE
US$/bbl
40


35


30


25


20


15


10


 5


 0


 -5


-10
May 2007      Aug 2007       Nov 2007           Feb 2008   May 2008   Aug 2008      Nov 2008       Feb 2009      May 2009

                   Gross refining margin to gasoline (RBc2-CLc2)      Gross refining margin to heating oil (HOc2-CLc2)


Source: Reuters, New York Mercantile Exchange                                                                               Printed: 18/06/2009
 REUTERS

                 UNITED STATES: GROSS REFINING MARGINS TO GASOLINE, DISTILLATE AND FUEL
US$/bbl
 60


 40


 20


   0


 -20


 -40


 -60


 -80


-100


-120
  May 2007      Aug 2007       Nov 2007          Feb 2008   May 2008   Aug 2008      Nov 2008       Feb 2009      May 2009
                   Gross refining margin to gasoline (RBc2-CLc2)         Gross refining margin to heating oil (HOc2-CLc2)
                   Gross margin to fuel oil (HSc2-CLc2)


 Source: Reuters, New York Mercantile Exchange                                                                               Printed: 18/06/2009

				
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