Slide 27 of 27

With high stocks and low crude oil prices, distillate and propane prices are expected to be lower this year than last, even with the assumption of higher demand resulting from normal winter weather.

Natural gas is not influenced as much by crude oil prices, so although natural gas prices benefit from high stocks, the higher demand is expected to keep gas prices higher than those seen last year.

In all cases, higher demand should result in higher bills for consumers this winter over last, in spite of lower fuel oil prices in some cases.