When I was racing 2 stroke go karts, there were two distinct groups in the club; the hot fuel types and the cold fuel types and the two groups didn't associate with each other. Cold fuel people kept the fuel on ice and the hot fuel group used drums of boiled water.
Cold Fuel theory: The cold fuel made the intake air denser therefore allowing for a better (more complete = more energy) combustion. Also kept the crank case cooler and therefore tolerances tighter = higher compression.
Hot Fuel Theory: The hotter the fuel, the lower the flash point, (vapour ignites easier and burns completely), the wider the gap on the spark plug, the more molecules starting off the combustion chain reaction and burns in a shorter more intense explosion (higher power).
I tried both but couldn't really pick the difference.
It should be able to be resolved with the combustion triangle (fuel, oxygen, temperature) but that doesn't take into account, energy output.
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